Uganda Seeks $242M Citibank Loan
Uganda plans to borrow up to 242 million dollars from Citibank to finance an eastern road project. The move raises public debt concerns amid IMF warnings over high debt burdens.
Uganda is negotiating a loan of up to $242.55 million (€207.7 million) from Citibank to finance road construction in the country's eastern region, the finance ministry said late Wednesday evening. The financing will fund a transport link intended to connect northern and southern trade corridors. The new borrowing increases sovereign debt exposure as fiscal authorities face mounting debt service obligations.
