Bloomberg News

Uganda’s Investment-Project Value Dips 67 Percent on Slowdown

November 15, 2011

Nov. 15 (Bloomberg) -- The value of investment projects Uganda approved fell 67 percent to $111.8 million in the three months through September from a year ago due to the global economic slowdown, the country’s investment authority said.

The Kampala-based Uganda Investment Authority said yesterday that 49 projects received licenses compared with 93 a year earlier. The value of the projects in the first quarter of the 2011-12 fiscal year was down from almost $211 million in the previous quarter, it said in a statement on its website.

The finance, insurance, real estate and business services industries received a combined $47.5 million in investment projects, while agriculture attracted $24 million, the authority said. Kenya and China were the leading foreign investors, it said.

--Editors: Karl Maier, Heather Langan

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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