By Moses Ndhaye.
The International Finance Corporation has earmarked a 70 million US dollars which is approximately 261 billion shillings loan to help Umeme upgrade the distribution network across the country.
According a statement issued by the Corporation,the funding will help to hasten power connections grid to the power users consume the additional power which is yet to be generated.
The investment is to provide debt financing for the 2019-2024, 6-year capital expenditure program of Umeme.
Umeme is a regulated electricity distribution company in Uganda, supplying over 1.2 million customers mainly located in the semi-urban corridor linking Kampala, Entebbe and Jinja. Umeme and awarded a 20-year concession to manage and operate the assets of Uganda Electricity Distribution Company in 2005.