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India to lend Uganda $200 million for energy, farming

India, which already has defense cooperation with Uganda, is ready to strengthen its collaboration with Uganda, Modi said in a televised speech in Entebbe.

business Updated: Jul 25, 2018 10:36 IST
Fred Ojambo
Fred Ojambo
Bloomberg
PM Modi Uganda visit,Uganda,India
Prime Minister Narendra Modi shakes hands with Ugandan President Yoweri K. Museveni, at the State House in Uganda on Tuesday.(PTI Photo)

India offered Uganda a $200-million credit line to fund energy and agriculture projects during Prime Minister Narendra Modi’s visit to the East African nation.

India, which already has defense cooperation with Uganda, is ready to strengthen its collaboration with Uganda, Modi said in a televised speech in Entebbe.

Uganda may use the funds to purchase Indian merchandise for the two industries, President Yoweri Museveni said. The two nations will cooperate on technology for solar power and irrigation, and the equipment may be assembled or manufactured in Uganda, he said.

Indian exports to Uganda narrowed to $736 million at present from $1.2 billion in 2015, while Ugandan shipments to the subcontinent increased to $44 million from $24 million during the same period, Museveni said.

Modi, in Africa for a summit of the BRICS nations, also signed deals worth $200 million in Rwanda for irrigation projects and the development of special economic zones.

First Published: Jul 25, 2018 10:26 IST