Uganda revamps century-old rail network after China delays funding [Reuters]
VINCI SA UNSP/ADR (VCISY)
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Source: Reuters
Uganda revamps century-old rail network after China delays funding - Reuters 4 Min Read * China reluctant to fund Uganda standard gauge railway * Rehabilitation of century-old old line to cost 241 mln euros * European Union helping to fund project * Uganda yet to produce oil 12 years after crude discovery By Elias Biryabarema KAMPALA, Nov 6 (Reuters) - Uganda will begin refurbishing its century-old rail network this month to boost bulk cargo transportation, after failing to secure $2.2 billion in Chinese funding for a new standard-gauge line, a senior rail official said on Wednesday. The rehabilitation will be carried out in phases over several years and cost at least 241 million euros ($267 million), Charles Kateeba, managing director of the state-run Uganda Railways Corporation, told Reuters. The European Union has given a grant of 21.5 million euros and the railway corporation is talking to international development lenders for the rest. Former colonial power Britain built the mete
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