Parliament Approves USD518 Million World Bank Loan To Finance Greater Kampala

Today parliament has approved two loans from the World Bank Group to finance the Greater Kampala Metropolitan Area Urban Development Program (GKMA-UDP).

Today the parliamentary committee of the national economy was on the floor of parliament with a report on a proposal by the Government to borrow USD 518 Million from the International Development Association of the World Bank Group and receive a grant of USD 48 Million from the International Development Association of the World Bank Group and also borrow up to Euro 4O Million (Equiv. to USD 42.66 Million) from Agence Francaise De Development (AFD) to finance the Greater Kampala Metropolitan Area Urban Development Program (GKMA-UDP).

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The deputy speaker Thomas Tayebwa who chaired the house quickly asked the minister of state for finance Henry Musasizi to clarify why the government continues to borrow from the World Bank despite the World Bank ban on new funding for Ugandan projects.

Musasizi told parliament that before the August 08, decision of the World Bank, a number of loan applications had been considered by the World Bank board and they would not be affected.

The Greater Kampala Metropolitan Area Urban Development Program GKMA comprises Kampala city and 8 Metropolitan local Government entities including Entebbe, Kira, Makindye-Ssebagabo, Mukono and Nansana Municipalities and Mukono, Mpigr, and Wakiso Districts LG. 550 kilometers of roads are expected to be tarmacked.

Legislators approved the loan and those from the Kampala metropolitan area have welcomed it and urged the government to expedite its processing to save the city from traffic congestion and flooding.

Parliament has also approved the Proposal by the Government to borrow Euro 147.69 million from the African Development Fund Euro 65 million from the African Development Bank and Euro 25.98million from the Corporate Internationalization Fund of Spain for the refurbishment of the Kampala – Malaba meter gauge railway project.