VenturesNow

Uganda risks electrocuting citizens to protect Entebbe Expressway

Should Uganda risk the lives of its citizens just so it could secure the newly built Entebbe Expressway which the administration of Yoweri Museveni prides as a legacy project?

Published

6 years ago

June 18, 2018

Africa News Watch

Should Uganda risk the lives of its citizens just so it could secure the newly built Entebbe Expressway which the administration of Yoweri Museveni prides as a legacy project? This is the question currently agitating the minds of many in the East African country where Yoweri has arm-twisted the legislature to extend the age requirement for the President to over 70 years.

Government is considering electrifying of Entebbe expressway fence to put to an end the vandalism of road infrastructure, according to a declaration by President Yoweri Museveni.

The President made the remarks while commissioning the Kampala Entebbe Expressway at Mpala toll station in Wakiso District on Friday evening. The function was also graced by Wang Yang, Chairman of the Chinese People’s Political Consultative Conference.

Museveni notes that electrifying the fence will minimize the burden of maintaining the vandalized road infrastructures which costs a lot of funds to maintain. Cameras will also be installed to ease monitoring of activities along the road.

The equipment usually vandalized, according the Uganda National Roads Authority – UNRA, includes guard rails and road signs.

The president also reminded motorists who wish to use the road that they will have to pay a yet to be determined amount of money because the expressway was built as a toll road, under the public private partnership.

The tolling section, according to Uganda National Roads Authority, measures 25 km running from Busega through Kajjansi to Abayita Ababiri (Mpala).

Gen Edward Katumba Wamala, the state Minister for Works, says the toll fee will be fixed after enactment of the Road Toll Bill. Road tolling is a form of road pricing, on either a public or private roadway, typically implemented to help recover the cost of road construction and maintenance.

Wang Yang, the Chinese government official who presided over the commissioning of the Expressway is optimistic that the road will boost industrialization in Uganda since it would reduce time goods spend in transit from Entebbe to Kampala.

The 49.56 km highway connects Kampala city to Entebbe International Airport was constructed with a loan of up to USD 476 million (about 1.8 trillion shillings) from the Exim Bank of China constructed by the China communication Construction Company (CCCC).

According to the findings of Committee of Statutory Authorities and State Enterprises (COSASE), the road has costed Uganda $9.2 million per kilometer over and above the average $2 million per kilometer road.

Meanwhile, motorcyclists, cyclists and pedestrians will not be allowed to use the newly constructed road when it is officially opened.

The government of Uganda is to put up more for expressway Enhance efficient passenger and freight operations, improve mobility, reduce travel times, vehicle operating costs and accident rates. The four includes the Kampala-Jinja Expressway (KJE), Kampala-Busunju Expressway, Kampala-Busega-Mpigi Expressway, Kampala Outerbelt and Kampala-Bombo Expressway.

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VenturesNow

Nigeria has received $10.9 billion multi-sector investments from AfDB— Official

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

Nigeria has received $10.9 billion from the African Development Bank (AfDB), comprising $4.9 billion in public and private sector initiatives.

AfDB Director-General of the West Africa Region, Lamin Barrow, said the bank’s Nigeria funding approvals total $10.9 billion since it started operations.

Barrow made the revelation at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture in Abuja on Monday.

It was part of the bank’s 60th anniversary celebrations with stakeholders. Nigeria is the AfDB’s largest shareholder, and the bank’s relationship with it has grown, Barrow said.

The AfDB invests in Nigeria’s energy, power, transport, water, and sanitation infrastructure.

“Over the last 60 years, the Bank has grown into a trusted partner and the continent’s premier development financial institution.

“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.

“Since it started operations in the country, cumulative financing approvals have reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.

After taking office eight years ago, AfDB President Dr Akinwumi Adesina prioritized the High 5—Power, Feed, Industrialize, Integrate, and Improve Africa’s quality of life—Barrow added. He said these were accelerators for achieving the SDGs and Agenda 2063 ambitions. The projects and programs supported during this time have reportedly affected over 400 million individuals.

VenturesNow

Analysts expect Egypt’s economy to rise 4.0% in 2024/25

Published

4 days ago

July 23, 2024

Ifeoluwa Dada

A recent study that sampled seventeen economists by Reuters has predicted slower economic growth for Egypt in April after a $8 billion IMF accord in March.

The median projection for GDP growth in the fiscal year starting July 1 was 4%, down from 4.35% in April and 4.15% in January.

The poll predicted the GDP grew 2.9% in the fiscal year ending June 30. This is below their April and January predictions of 3% and 3.5%. Poll: 2025/26 growth should rise to 4.99%.

After the IMF agreement, Capital Economics’ James Swanston predicted slower growth due to tighter fiscal and monetary policies and a weaker pound.

“The overall net impact is that economic growth will be weaker this fiscal year, but there are reasons to be more optimistic on GDP growth from FY2025/26 onward,” Swanston said.

Egyptian tourism and Suez Canal revenue have slowed due to the Gaza crisis, which has cut Egypt’s foreign revenue by more than half.

Egypt’s planning ministry predicted 4.2% growth in 2024/25 on June 2. Analysts expect the Egyptian pound to fall to 49.50 per dollar by June 2025 and 52.50 by June 2026.

Before dropping it in March 2024, the central bank kept the pound at 30.85 per dollar. It’s roughly 48.40 per dollar.

The survey forecast 20.5% headline inflation in 2024/25 and 12.05% in 2025/26. In June, inflation dropped to 27.5% from a record high of 38.0% in September, exceeding the central bank’s objective of 5%-9%.

The analysts expect the central bank’s overnight lending rate to drop to 21.25% by June 2025 and 15.25% by June 2026.

Foreign money shortages have slowed the Egyptian economy. However, a $24 billion real estate transaction with the UAE in late February, a significant currency devaluation, and a $8 billion IMF accord in early March have mitigated that.