Find visitors' favorite businesstravel Hotels And.... Book your best!

Uganda Plans Investments worth $806 Million in Q1 vs $223.3 Million in Q4 2011

Uganda's planned investment more than tripled in the first quarter of this year from the preceding three months, buoyed by increasing interest in the country's energy sector, a state agency said on Wednesday.

Poised to be a top-50 crude oil producer, Uganda's economy is forecast to grow at 5.4 percent in the 2012/2013 (July-June) fiscal year, fueled by investments in infrastructure and energy, according to the finance ministry.

It is expected to expand at a rate of 5 percent this fiscal year, from 6.3 pct for the fiscal year 2010/2011.

Patrick Bitature, chairman of the Uganda Investment Authority, said east Africa's third biggest economy recorded planned investments worth $806 million between January and March compared with $223.3 million in the last quarter of 2011.

"The energy...sector recorded the highest value of planned investment ... followed by mining, real estate and business services," he said.

Uganda is beset by frequent and widespread power outages from years of underinvestment and poor planning in the sector, which have in turn hobbled industrial growth.

The country's power supply deficit is currently estimated at 130 megawatts (MW) and last year, 24-hour-long outages sparked a series of riots across the nation.

The government has in recent years stepped up efforts to promote private investment in the sector in part to fill the gap in public financing.

In the next financial year the government has allocated a total of 215 billion shillings ($86.59 million) toward the financing of 700 MW Karuma hydropower project.

According to the investment agency, Ugandans accounted for the largest chunk of planned investment at $708 million followed by Sweden with investments worth $78 million.

UK explorer Tullow Oil says it plans to invest up to$750 million in Uganda this year with its partners, France's Total and China's CNOOC, as the country races to start commercial oil production.

By Elias Biryabarema
Reuters
16-May-2012

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Africa Uganda Business Travel News .



Haven't yet found what you Want...?

If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page

then...

feel free to ask our business travel consultants.





Book a Prisons & Correctional
Charity Tour


Farmland for Sale
Prime Commercial Property
Entebbe Rd Land 4 Sale
Over 20 Farmland Parcels
Property & Plots of Land

Uganda Online SuperMarket
africaug.com
Online SuperMarket

Uganda Coffee Safari
Book My Coffee Tour

Uganda Honey
Uganda HoneyComb

Subscribe to our Business Travel Newsletter


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Africa Uganda Business Travel News Digest.

Hotel Booking

Car RentalCar Hire

Africa Uganda Shipping & Handling ServicesShipping & Handling Services


Our Sponsorship Policy


Apple Guavas available
Africa Uganda Plants GuideAfrica Plants Guide

Charity Investment Guide
Changing Lives

Africa Uganda SMS Guide
Africa Bulk SMS

Poultry Investment Guide
Poultry Business Guide

Related Pages



Uganda Hotels Directory

Uganda Hotels Booking Guide


Houses U can buy Uganda Real Estate Guide Industrial/Farmland Deals

Uganda Real Estates Guide


The Mountain Gorilla

Uganda Safari Guide

Uganda Weather Today





Book My Hotel

Please note that all fields followed by an asterisk must be filled in.
YES
NO
YES
NO

Please enter the word that you see below.

  



Uganda Currency

Ex-guide