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Uganda and AfDB Sign US$ 197 Million Funding Agreements
Dakar, 12 May 2009 – The African Development Bank (AfDB) Group and the Ugandan government have signed three loan agreements worth 132 million Units of Accounts (UA*), equivalent to US$ 197.7 million to finance projects and programmes in the country.
The agreements for the African Development Fund loans were signed on Monday in Dakar, Senegal, by Vice Presidents Zeinab El-Bakri and Mandla Gantsho for the Bank, while Uganda’s Finance, Planning and Economic Development minister, Syda Bbumba, signed for his country.
The agreements involve financing for a Post Primary Education Training Expansion and Improvement Project for UA 52 million, a Community Agricultural Infrastructure Improvement Programme (CAIIP-2), for UA 45 million and Phase one of Kampala’s water and Sanitation Programme for which the Bank Group approved UA 35 million.
Speaking after the signing ceremony Vice President Zeinab El Bakri commended the dynamism of AfDB-Uganda cooperation and the government’s excellent record in honoring its obligations to the institution.
For his part, Vice President Mandla Gantsho reiterated the Bank Group commitment to ensure that its support to Uganda will always be guided by the government’s priorities as articulated in poverty eradication and national development plans.
Finally, the Finance, Planning and Economic Development Minister, Syda Bbumba, commended the Bank for the increased allocation of African Development Fund XI resources to poor countries including Uganda, thereby giving them access to highly concessional resources. He assured that “Uganda will do whatever it takes” to ensure that projects funded by the Bank Group are implemented n schedule.
Similar agreements have been scheduled for signing on the occasion of the 2009 Annual Meetings of the Bank Group which has brought together over 2000 participants including finance ministers, senior government officials, business leaders, academics, media, and representatives of international organizations and civil society.