AFRICA

Uganda Signs $500m Loan Agreement Deal With South Korea

Uganda has signed a $500 million loan agreement with South Korea, to help finance infrastructure building in the African country, according to Uganda’s finance ministry.

The agreement was signed by Uganda’s finance minister, Matia Kasaija and South Korea’s Minister of Foreign Affairs Cho Tae-Yul on the sidelines of the Korea-Africa summit in Seoul.

The ministry said in a post on X, that the loan will be provided by South Korea’s EXIM Bank, although details were not provided on the kind of infrastructure the money would fund. However, Uganda mostly borrows for road and energy projects.

Uganda’s debt issues will likely grow due to the loan. The country’s public debt was 24.6 billion, as of December 31, fuelled by infrastructure spending.

Melissa Enoch

Follow us on:

Melissa Enoch

Recent Posts

Trump Considers Kevin Warsh for Treasury Secretary, Role Of Chairman Of Federal Reserve

Trump is considering Kevin Warsh for Treasury Secretary, with a future possibility of him becoming…

53 mins ago

Hyundai Recalls 145,235 Electrified Vehicles In The US Due To Power Loss Issue

Hyundai has recalled 145,235 electrified vehicles in the US. due to potential loss of drive…

56 mins ago

‘We’re Going to Begin to License Actors’, Says AGN President in A Bid For Standardisation

AGN president Rollas has stressed the need for actor licensing to ensure fair compensation and…

56 mins ago

EU Closes Antitrust Investigation Into Apple’s App Store Rules After Complaint Withdrawal

EU regulators has closed a four-year investigation into Apple's App Store rules after the complainant…

1 hour ago

IPOB Denounces Simon Ekpa As A ‘Destructive Agent’, Clarifies He Was Never A Member Of The Group

IPOB distanced itself from Simon Ekpa, calling him a “destructive agent” who infiltrated and destabilised…

2 hours ago

Biden Calls ICC’s Arrest Warrants For Netanyahu, Gallant ‘Outrageous’

Biden has condemned ICC's arrest warrants for Netanyahu and Gallant, calling them "outrageous" amid global…

2 hours ago