{UAH} Bloomberg: Ugandan Capital Seeks $500 Million to Upgrade Infrastructure

(Bloomberg) -- The Kampala Capital City Authority asked Uganda's government to review its debt ceiling amid plans to raise $500 million to upgrade the city's road network over the next three years.

The KCCA presented its proposal to the cabinet last week and expects a decision this month, Jennifer Musisi, executive director of the authority, said Monday in an interview in the Kenyan capital, Nairobi. Once approved, the authority plans to sell at least 40 billion shillings ($14 million) of municipal bonds by next year, Musisi said.

"The International Finance Corp. is preparing us to get a credit rating, which we need to show our credit-worthiness," she said. "We want the debt ceiling either increased or removed, so that we can borrow in accordance with our credit-worthiness."

http://www.bloomberg.com/news/articles/2015-03-02/ugandan-capital-may-raise-500-million-to-upgrade-infrastructure

 

 

Brian M. Kwesiga

President and CEO,

Ugandan North American Association - UNAA

972.415.6372 | www.unaa.org | "United We Stand"