Parliament approves USD 1.4 billion loan for Karuma Hydro Power Project
The USD 1.6 Billion Hydro Power Project at Karuma is expected to be completed in the next four years. Construction of the underground tunnels to access the power house which will generate 600 Megawatts has now been ongoing for the last one year.
The USD 1.4 Billion represents 85% of the project funding as a loan from Export Import Bank of china. Government of Uganda has already made its contribution of 15% amounting to USD 253.26 Million. Read more......
Government has made significant progress in the petroleum sector. This has been possible through investment in the human resource capacity through specialised training and procurement of specialised equipment to collect geological, geophysical and geochemical data. These efforts led to attraction of investment for exploration and more importantly, the discovery of commercial oil and gas reserves in 2006.Read more...