Minister Bahati gets nod to borrow $340m



David Bahati, the State Minister of Finance for Planning has secured parliament approval to borrow over $340m from various international lenders intended for electricity projects in the country.

The Member of Parliament for the constituency of Ndorwa West in the Parliament of Uganda also secured an approval for his request to borrow $34.78m from the African Development Fund of the African Development Group for financing the East African Centres of Excellence for Skills and Tertiary Education in Biomedical Sciences – Phase 1.

The Committee on National Economy said in their report that the objective of the project is to contribute to the development of a relevant and quality skilled workforce in biomedical sciences to meet EAC’s immediate labour market needs.

The Committee also said that the specific objective of the project was to provide high quality, competitive and skilled workforce in the EAC for social and economic development.

The government of Uganda will borrow US$135m from the International Development Association to support the Energy for Rural Transformation Phase 3; US70.73m from the Islamic Development Bank to support the Grid Rural Electrification Project; and another US$100m from the African Development Bank to support the Uganda Rural Electrification Access Project.

In addition, government will borrow a total of US$ 30m from the OPEC Fund for International Development and the Arab Bank for Economic Development in Africa and $11m from the Abu Dhabi Fund for Development to finance the construction of the 33KV distribution projects in Kayunga, Kamuli and Kalungu Service territories.

Parliament has also approved a further US$ 131.75m from Japan Bank for International Cooperation and Sumitomo Mitsui Banking Corporation to finance procurement of earth moving equipment.

Meanwhile, the Minister of State for Finance, Hon. Fred Omach, has presented two requests to borrow from the IDA US$130m to support the Northern Uganda Social Action Fund 3; and another US$15m for additional financing to support the East Africa Public Health Laboratory Networking Project.

The Deputy Speaker of Parliament, Rt. Hon. Jacob Oulanyah referred both loan requests to the Committee on National Economy for consideration.

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