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US govt boosts Africell with $130m investment

US government through its development finance institution, Overseas Private Investment Corporation (OPIC) has committed $130 million to telecommunications company, Africell.

The funds will be used to support Africell to upgrade and expand mobile telecommunication networks in four African countries. 

​​​​​​​​​​​​​Ray W. Washburne the president of OIPC who is currently in Uganda says about a quarter of the $130 million financing will be invested in Uganda. He says OIPC currently has over $50 million investment commitments in Uganda and Africell commitment will increase it to about $80 million. 

Ray W. Washburne the President of OIPC speaking to journalists at Serena Hotel

At the start of this month, OIPC launched Connect Africa initiative which will invest more than $1 billion to projects that support transportation, communications, and value chains in Africa over the next three years.

Washburne says that Sub-Saharan Africa has a quarter of the agency's $23 billion active portfolio. The US Congress, he says passed a bill that will double the agency's investment portfolio to 60 billion dollars.

Washburne, who is on the first Africa trip, says OIPC is aggressively looking for projects to fund on the continent. In Uganda, he says they are looking at a number of projects ranging from agriculture to telecommunication, energy, hotel industry, tourism among others. 

He says U.S businesses recognise that investment in Uganda represents both an opportunity to address pressing development channels and a promising business opportunity in the emerging market. 

"In recent years, investment in public infrastructure, and related momentum in the country's manufacturing and service sector has become Uganda's primary catalyst for current and future economic growth," he said.

"The Overseas Private Investment Corporation invests in development projects in emerging markets and we are committed to helping Uganda and all Sub Saharan African forge deeper ties with the world."

For small businesses, Washburne says OIPC will be giving large loan portfolios to banks. These banks will be required enable small businesses owners access credit.

Comments

0 #1 Akot 2018-07-22 19:25
The only human, decent, intelligent & democratic help USA ever gave Uganda & Africa in the last 33 years was when president D. Trump called African & other countries so inhumanly ruled, "shitholes"!

More money from USA or other developed countries for business in Africa will not change the situation for +90% poor oppressed population, but give more tax to demons who share with only those they buy off to keep quiet!

Unless "the people" rise up to defend their stand, bring change of leaders, put in place working governments, money given to coutries like Uganda only help maintain Miseveni who gets richer & more diaboloic!

How many USA presidents came & went while Museveni stays on?

D. Trump is creating jobs for Americans monthly!...
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0 #2 Akot 2018-07-22 19:31
...D.Trump's opposers/Europeans are at his throat & want to mobilise Americans to throw him out even before 4 year term: yet Trump has created jobs, assured Americans it's their country & they must be respected even with business with other countries!

Have opposers of D.Trump said a word against Museveni who rules through a divisive tribalistic system, has destroyed even the only social service (health) Ugandans had since 1962, has reduced Ugandan education to NOTHING, accepts no opposition...while the dictator lives like a god, contols tax money & every institution, including parliament?

Yet, when D.Trimp calls countries with +90% poor ignored by demon rulers who live like gods "shitholes", he is trashed!

Now that USA is giving more money for business in shitholes so that demons have more tax money to just go on, what are D. Trump's opposers going to say?
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