The Ugandan government rejected China Exim Bank’s proposal to use the revenue from Oil to pay for the Standard Gauge Railway (SGR) loan.
This is according to information shared by Works and Transport Minister Gen Edward Katumba Wamala in a meeting with the Physical Infrastructure Committee of Parliament yesterday.
General Katumba said that negotiations were ongoing but the government was trading carefully because it detected danger in the proposal by the potential funder.
The Acting Commissioner for Policy and Planning at the Ministry of Works, Peter Kabanda said that Government was still negotiating the funding for the project which he said is still on course and considered a top priority for the government.
Uganda is expected to get its first oil in 2025. END