Photo : REUTERS, Stringer
NIAS Area Studies
AFRICA MONITOR
Photo : REUTERS, Stringer
IN BRIEF
By Narmatha S
Uganda: To borrow USD 150 million from China
On 27 November, the Ugandan Ministry of Finance stated that the country is preparing to borrow USD 150 million from China’s Export-Import Bank after the World Bank halted its funding. This deal was made to expand Uganda’s internet facility and infrastructure. The money, the ministry stated, “is to finance the supply, installation, commissioning, and support of the national data transmission backbone infrastructure.” Additionally, to export crude oil to the international market, the country is trying to extend its negotiations with the Chinese Export Credit Agency, SINOSURE. Uganda is also negotiating with the EXIM bank to help them by providing loans to finance the construction of a pipeline. The World Bank, the biggest development lender to Uganda, stopped funding in August due to the anti-LGBTQ law. (“Uganda to borrow $150 mln from China's Exim after World Bank halts funding,” Reuters, 27 November 2023)