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

President Tinubu Orders Probe Into Prosecution Of Minors From #EndBadGovernance Protests

President Tinubu has ordered an investigation into the arrest, prosecution of minors involved in #EndBadGovernance…

9 hours ago

Musk’s Lawyer Defends $1M-a-Day Giveaway, Denies Illegal Lottery Claims

Musk's $1M giveaway is under legal scrutiny in a Pennsylvania court case as it targets…

9 hours ago

Badenoch Unveils Shadow Cabinet with Jenrick As Shadow Justice Secretary, Patel As Shadow Foreign Secretary

Kemi Badenoch has appointed former rivals Jenrick, Patel, and Stride to senior roles in her…

9 hours ago

Boeing Workers Vote On New Contract To End Seven-Week Strike

Boeing workers voted Monday on a new contract to end a seven-week strike

9 hours ago

Former Delta Governor Ifeanyi Okowa Arrested By EFCC For Alleged N1.3 Trillion Diversion

EFCC has arrested ex-Delta governor Ifeanyi Okowa for alleged misuse of oil derivation funds, diverting…

10 hours ago

Search for Missing Persons Continues After Deadly Valencia Floods

Barcelona faces severe flooding as search and rescue efforts continue.

12 hours ago