Shs500b World Bank loan to benefit Albertine region
An oil exploration site in the Albertine region. World Bank and the Ugandan government have signed a loan deal that will see people in the sub region get access to better roads, among other projects. FILEPHOTO
What you need to know:
Reason. The funds are meant to upgrade roads, institutions and other services
Kampala.
More than three million people in the Albertine and neighbouring regions will have improved road infrastructure, access to education and other social economic services following the signing of a $145m (about Shs526b) loan between the government of Uganda and the World Bank.
The fund is expected to finance access to infrastructure, markets and skills development in the Albertine Graben, a region undergoing rapid growth and transformation due to the oil discoveries.
Speaking at the signing of the agreement with Finance minister Matia Kasaija in Kampala recently, World Bank country manager for Uganda Christina Malmberg Calvo, said: “This project will benefit the people of the Albertine region and beyond, and has been prepared in close partnership with the government of Uganda. It complements broader programmes of support to local government, transport and skills, as well as the development of key productive sectors of the economy.”
The Albertine region sustainable development Project will finance the upgrading of 100 kilometres of the road from Kyenjojo to Kabwoya, from a gravel road to a class two-highway. The stretch of road forms part of the 238 kilometer Kyenjojo-Hoima-Masindi-Kigumba road.
The road connects the districts of Kyenjojo, Kibaale, Hoima, Masindi, and Kiryandongo in western Uganda.
Officials say the road is expected to significantly reduce travel times in the region, stimulate local economic development and provide better access to markets and social services in the region.
Upgrading institutions
The project will also support local development in the region by financing small-scale productive infrastructure in Buliisa and Hoima districts, as well as the upgrading of rural roads to all season roads.
The other important aspect of the project is the upgrading of several technical colleges, including the Uganda Petroleum Institute in Kigumba and the Uganda Technical College in Kichwamba.
The World Bank believes this aspect of the project will modernise the facilities and curriculum and improve the governance of these institutions.
world bank is Uganda's largest financier
The World Bank remains the largest multilateral financer of development projects in Uganda giving support in soft loans and minimal grants to the government.
Its current portfolio comprises 19 national operations with a total commitment of $2.5billion (about Shs863.250 trillion) including $200million (about Shs690.600 billion) of grants and five regional operations with a net commitment of $224million (about Shs773.472 billion).
Top officials at the bank say the portfolio is focused on promoting inclusive and sustainable economic growth, enhancing public infrastructure and strengthening human capital development, and is complemented by technical assistance and analytical work.
