The World Bank and the Ugandan government on Monday signed a 145 million U.S. dollar financing agreement to fast track development in the country's oil region.
The funds to be released under a five year Albertine Region Sustainable Development Project will finance access to infrastructure, markets and skills development in western Uganda bordering eastern Democratic Republic of Congo.
The project according to the bank will also provide bursaries to about 600 students to develop skills that might allow them to find employment in the region, including in agro-processing, construction, tourism and nursing.
Uganda has so far discovered 6.5 million barrels of oil in the western part of the country. The commercial production of oil, expected to start in 2018, will fast track the country's economic development.
Uganda's economy is the third largest in the East African region that brings together Kenya, Tanzania, Uganda, Rwanda and Burundi.
GMT 14:02 2018 Sunday ,02 December
RDIF says $2 billion will be invested in Russian economy from joint Russian-Saudi fundGMT 12:03 2018 Friday ,30 November
Canada on track to sign new free trade deal with US and MexicoGMT 07:56 2018 Wednesday ,21 November
Merkel policies in focus in final debate on draft German budgetGMT 14:11 2018 Thursday ,08 November
Greek minister, Russian ambassador discuss possible investment projectsGMT 13:42 2018 Wednesday ,07 November
PM says Russian-Chinese trade turnover may reach $200 blnGMT 11:15 2018 Wednesday ,07 November
Top U.S. diplomat visits Pakistan to discuss economic cooperationGMT 13:53 2018 Thursday ,01 November
Alrosa to sell 127 large gem-quality rough diamonds at an auction in IsraelGMT 10:59 2018 Tuesday ,30 October
Trade turnover between Russia and Japan grows by over 17% in 2018Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor