M a r k e t N e w s

Japan to Lend Uganda Shs559 Billion for Flyovers

Posted on : Thursday, 24th December 2015

Kampala — Uganda and Japan have concluded a loan agreement for financing the construction of flyovers in Kampala.

 
Japan will lend Uganda ¥19.989 million (about Sh559b) for the proposed flyovers at Kitgum House intersection on Jinja Road, and at Queen's Way on Entebbe Road.
 
The loan, which was signed recently, will come with a 0.01 per cent interest rate per annumm and is to be repaid in 40 years. It is hoped the flyovers will ease the flow of traffic to and from the middle-class residential areas to the east and the southwest of Kampala.
 
The tender and competitive bidding for the construction of the flyovers will be announced in February. A schedule seen by this newspaper indicates the flyovers will be complete in 2019.

Source : allafrica.com
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