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Vol 55 No 23

Published 21st November 2014


Uganda

Loans for oil

Multibillion dollar Chinese loans less than two years before the elections raise commercial and political questions

China has for some time been a leading lender to Uganda but loans have accelerated this year since the government promised to pay for Chinese-built infrastructure from future oil revenue. Uganda's oil fields are now believed to contain some 6.5 billion barrels. This year alone, China has signed deals to build two hydropower dams worth US$2.2. billion, a standard gauge railway that could cost up to $8 bn. and a $600 million fertiliser plant. This is in addition to the $2 bn. oil-field being developed by the state-owned China National Offshore Oil Corporation (CNOOC) Limited and the $350 mn. road between the capital, Kampala, and Entebbe International Airport.

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