Uganda will have to borrow $13.8 billion (11.2 billion euros) from the Exim Bank of China for the project of a standard gauge railway line, according to the state minister for works John Byabagambi. He also revealed that it was agreed to divide the rail project between China Harbour Engineering Company (CHEC) and CCECC. Various experts, including the secretary to treasury Keith Mukahanizi and the National Planning Authority executive director Joseph Muvawala, have warned that such an exorbitant loan for the railway could damage Uganda’s economy.
Source: www.newvision.co.ug Photo: edition.cnn.com
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