New reports we gathered revealed Uganda is planning to borrow €500 million for infrastructure projects in the country.
The revealation has already sparked debate among citizens in the country considering their rising debt.
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The loan has already been approved by parliament and will be sourced across different banks.
Our investigation revealed Uganda will receive from Afreximbank an amount of €270 million), and then Ecobank Uganda and the Development Bank of Southern Africa will combine to give them €230 million to fund development projects.
Finance Minister Matia Kasaija announced the latest borrowing which hasnt gone down well with many citizens.
The African country is already facing debt crises and it wouldn’t make any economic sense to add more debts according to many.
Government also believes the project is a necessity and should be considered as a priority irrespective of where the funds are coming from.