Members of Parliament (MPs) sitting on the National Budget Committee have cleared a Shs691 billion loan to be financed under a pre-financing arrangement with contractors for the reconstruction of the Masaka-Mutukula road and rehabilitation of the Nyendo-Villa Maria road.
The loan will also fund the upgrade of: 3.5 kilometers of access road to the Uganda People’s Defence Forces (UPDF) barracks in Masaka, another road to Masaka Industrial Park, and the Kikagati-Kafunzo road.
State Minister for Finance in charge of General Duties, Henry Musasizi, while presenting the loan before the committee chaired by John Bosco Ikojo explained that China’s Chingqing International Construction Corporation (CICO) expressed interest in pre-financing the road project starting in the 2023/2024 financial year on an understanding that the costs of the civil works undertaken will be reimbursed over two years, starting in the 2025/2026 financial year.
Musasizi also noted that the construction of the Masaka-Mutukula road will link the port in Dar es Salaam and facilitate the construction of the East African Crude Oil Pipeline (EACOP)
