Ugandan Investment Project Approvals Rise to $1.74 Billion
Uganda approved investment projects worth $1.74 billion in the 12 months through June, up from $1.55 billion a year earlier, said Aston Kajara, minister of state for finance.
Investment was focused on the country’s electricity, gas, finance and insurance industries, Kajara told reporters in the capital, Kampala, today.
A total of 337 projects were approved, capable of creating 130,732 jobs, compared with 340 projects with planned employment of 83,569 jobs in 2009-10, he said. Domestic investors accounted for 66 percent of proposals, while India was the leading foreign investor, with $149 million in spending plans.
The electricity and gas industries attracted $445 million in investment, Kajara said. Uganda will become Africa’s latest oil producer when Tullow Oil Plc, China National Offshore Oil Corp. and Total SA begin production in 2012.
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