Government of Uganda has signed a Shs499 billion (Euro 126.44million) financing agreement with Citi Bank to fund the design and construction of the Lusalira-Nkoge-Lumegere-Sembabule road, a 97-kilometer project aimed at enhancing regional connectivity and stimulating economic growth.
The Minister of State for General Duties, Henry Musasizi, represented Finance Minister Kasaija in exchanging formal notes with Ebru Pakcan, CEO and Cluster & Banking Head for the Middle East and Africa at CitiBank.
Musasizi noted that the project will bring positive impact on Uganda’s local economy, particularly for communities in Sembabule and surrounding areas.
“This road will greatly stimulate and support local economic activities,” he stated.
“It will not only enhance connectivity within Uganda but also foster business growth and development along the route.”
Citibank has taken the lead in coordinating the financing, with support from the African Trade and Investment Development Insurance and the Development Bank of Southern Africa, ensuring robust financial backing for the large-scale infrastructure endeavor.
Construction will be carried out by M/s Technovia S.A., in joint venture with Technovia Angola, bringing together expertise in regional infrastructure projects.
Musasiszi also noted the importance of government cooperation throughout the project’s lifespan, urging the Minister of Works to meet all governmental obligations for smooth progress.
“I request the Minister of Works to ensure that all government obligations are fully met so this project can proceed effectively,” he added.
The upgraded Lusalira-Nkoge-Lumegere-Sembabule road is anticipated to improve transport links and unlock economic potential in the region, aligning with Uganda’s broader goals for infrastructure development and economic advancement.
