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Uganda has signed a financing agreement worth EUR 110.5 million (USD 126.1 million) with the local unit of Standard Chartered to support the construction of a 115.8-km road in the Karamoja region. The project is expected to reduce transport costs, improve regional trade, and strengthen connectivity in the mineral-rich northeastern region bordering Kenya. The road will also support major ongoing investments, including a USD 300 million cement plant and a USD 72 million international airport, as the government continues to improve infrastructure to boost economic growth.
Uganda has signed a financing agreement worth EUR 110.5 million (USD 126.1 million) with the local unit of Standard Chartered to fund the construction of a 115.8-km road in the country's northeastern Karamoja region. The agreement is part of the government's efforts to improve transport infrastructure and support economic development in one of Uganda's remote regions.
The Finance Ministry said the road project is expected to reduce transport costs and strengthen regional trade by improving connectivity within Karamoja and with neighbouring Kenya. Better road infrastructure is also expected to make the movement of people, goods and services more efficient across the region.
Karamoja, located along Uganda's border with Kenya, has attracted increasing investor interest in recent years due to its significant mineral resources, including gold. The government has been focusing on improving infrastructure in the region to unlock its economic potential and encourage further private investment.
According to the ministry, the road will also support several ongoing projects in the region, including a USD 300 million cement factory and a USD 72 million international airport. These developments are expected to improve industrial activity, logistics and access to markets once completed.
The financing agreement comes as Uganda continues to invest in transport infrastructure to support trade, regional integration and long-term economic growth. Road development remains a key part of the country's strategy to improve connectivity, attract investment and strengthen access to emerging industrial and mining hubs.
Source Reuters
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