Uganda’s Finance Minister Matia Kasaija on Thursday said the government is planning to borrow a total of 500 million euros ($568 million) from three lenders, including Afreximbank, to finance infrastructure development.
Lawmakers on Thursday approved the government’s request to acquire the loans despite resistance from opposition lawmakers who have criticised the country’s growing debt burden.
Kasaija told parliament that at least 270 million euros will be borrowed from Cairo-based African Export-Import Bank (Afreximbank) (AEIBy.MZ).
While 230 million euros will be jointly lent by Ecobank Uganda and the Development Bank of Southern Africa,
He did not give a timeline for when the money would be borrowed.
Uganda’s total stock of public debt jumped 18% to $29.1 billion last year on the back of increased domestic borrowing, according to the finance ministry.
The rising debt triggered a ratings downgrade last year. The government says the borrowings have been used to drive economic growth.
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