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Multinational - Interconnection of Electric Grids of Nile Equatorial Lakes Countries Project


Management submits this Memorandum and Recommendation to provide a supplementary loan of UA 5.840millionby re-allocating from 70% of cancelled balancesof loans of completed projects to the Republic of Uganda to financethe funding gapof the above project. The shortfall arose mainly from depreciation of loan currencies (UA and JPY) againstthe contract currencies ofEUR and US Dollarand variation orders due to changes in scope.

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