24M DOLLARS COMMITTED FOR UGANDA-KENYA RAILWAY
Sheltam Corporation of South Africa has dedicated $24m (sh44.5b) equity to convert Uganda and Kenya railways. Equity is the value of shares.
The corporation is the major shareholder in Rift Valley Railways (RVR) which won the acknowledgment to run the railways.RVR has the $117m (sh217b) required to run the railways.
The International Finance Corporation has approved a $32m (sh59.3b) credit and KFW of Germany is about to commit a similar amount, leaving the $29m (sh53.7b) balance to be engendered internally.
Ugandan MPs expressed worry that RVR was taking long to put in order the finances.
This railway transport had been diminished in Uganda so once it is constructed; it will be of great importance to the Uganda travel industry.
BY Tanah Hadijah