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Browsing: Oil refinery in Uganda
The Africa Finance Corporation(AFC) has advanced $20 million funding for the construction of Uganda’s crude oil refinery, paving the way for the start of the $4.27 billion projects.
Africa Finance Corporation signed the financing deal on the sidelines of the Africa Oil Week in South Africa mid this month.
Other financiers expected to put money into the multi-billion-dollar project include the African Development Bank, Prosper Africa, a US government Initiative that unlocks opportunities to do business in Africa and Trace and Development Agency another US-based firm.
AFC managing director Ammadou Wadda, representatives from US-based Prosper Africa Initiative, Trace Development Agency and African Development Bank president Akiwumi Adesinia attended the side event.
The investors also agreed to hold a meeting next year to discuss how to raise funds for the refinery. The refinery’s management is also expected to give details about the project and existing investment opportunities to potential investors.…