The World Bank Group has approved a $823.8 million (about Shs22.819 trillion) loan to finance five projects critical for the country’s economic development.
The bank officials say once the projects get completed, they will boost Uganda’s economic development and result into Uganda achieving economic transformation.
In an interview with Daily Monitor recently, outgoing World Bank country manager Ahadou Moustapha Ndiaye said Uganda needs inclusive economic growth and transformation and as such there is need to develop sectors that are critical for the process.
Giving a breakdown of the recently approved loans for projects in Uganda, Mr Ndiaye said: “The World Bank has approved $175 million (about Shs484.750 billion) for second phase of greater Kampala Institutional and Infrastructure Development Project (KIIDP-2) to support infrastructure development with Kampala city.”
Mr Ndiaye said phase two builds on the $33.6 million first phase which was designed to strengthen the city governance both institutionally and fiscally and has yielded positive results.
Mr Ndiaye said the Kampala Institution Infrastructure Development Project phase one has helped the Kampala Capital City Authority make much-needed repairs in form of improved drainage systems to reduce flooding, rehabilitated roads and the extension of the Kitezi landfill.
The bank has also approved a $145 million (about Shs401.650 billion) Albertine region sustainable development project.
Mr Ndiaye said: “The objective of the Albertine region sustainable development Project is to improve regional and local access to infrastructure, markets, and skills development in the Albertine region.” The third approval is the north eastern road-corridor asset management project worth $243.80 million (about Shs675.326 billion).
Mr Ndiaye said the development objective of the project is to reduce transport costs, enhance road safety, and improve and preserve the road assets sustainably by applying cost effective performance based asset management contracts along the Tororo - Kamdini road corridor.