Uganda’s electricity distributor, Umeme Limited has secured a USD70m (UGX258 billion) funding to support its planned investments in the electricity distribution network. The International Finance Corporation (IFC) was the lead-arranger in the syndicate including Stanbic Bank Uganda Limited, Standard Chartered Bank and the Dutch Development Bank (FMO). According to an earlier notice by IFC on their website, IFC said they would contribute a senior loan for up to USD30 million while USD40 million would be mobilized from other lenders. In a media statement, Mr. Selestino Babungi, the Umeme Managing Director, said he was pleased with the conclusion of the fundraising…
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