President Yoweri Museveni has said Uganda will spend over one billion United States dollars on the construction of Karuma power station, adding that part of this money would have been spread to boost development in health and education if the power plans had not been jeopardized.
The President was yesterday meeting the EU ambassador to Uganda H.E Roberto Ridolfi over infrastructure financing. The meeting took place at the President’s country home in Kisozi, Gomba District.
The President said Uganda had budgted for 13 billion shillings as part of its 5 year development plan that includes infrastructure development.
Ambassador Ridolfi said the EU shares in Uganda’s vision on how to develop the country with specific emphasis to infrastructure such as roads, energy, tourism etc, adding that infrastructure in East Africa is not only roads and railways but also ICT to promote interconnectivity.
“There is a big financial need to accomplish this and oil revenue can be used to pay loans. Infrastructure development must start today,” he said.
Ambassador Ridolfi said infrastructure development in Uganda and the East African region will promote the spirit of federation and help integrate countries like Rwanda and Burundi to balance economic disparity and growth in the region.
President Museveni has emphasized that the money accruing from taxes paid by oil exploration companies will finance infrastructure development including the construction of the proposed multimillion dollar power generation plant at Karuma falls. The 750 megawatts Karuma power project is expected to become the single highest power generation capacity in Uganda upon completion.
The 750 megawatts Karuma power project is expected to become the single highest power generation capacity in Uganda upon completion.
Sign up below to get the latest updates from State House Uganda by email.