Tuesday, October 21, 2014

Uganda says oil revenue possible alternative to Chinese cash for railway

By Karin Strohecker in London 

The Africa Report - Tuesday, 21 October 2014 

Uganda could rely on income from future oil exports to finance an $8 billion railway if funding talks with China fail to bear fruit, its president said.
Yoweri Museveni confirmed that Uganda had started negotiations with China on building the line that would link to Kenya, speeding up freight transport in the region.
He gave no details about how far the talks had progressed. "But if they don't (offer financing), we shall fund it ourselves," Museveni told Reuters on Monday on the sidelines of an African investment conference in London.
"Remember we have our oil, which we shall start harvesting in 2017, and that money will deal with these projects - railway and electricity ... China or no China, we shall build that railway."
The new line would run from the Kenyan border to Kampala, then north to South Sudan and west to the oil fields.
It would supersede a narrow gauge line that now only operates to Kampala.

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