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Ugandan Investment Project Approvals Rise to $1.74 Billion

June 30 (Bloomberg) -- 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.

To contact the editor responsible for this story: Fred Ojambo in Kampala via Nairobi at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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