Government has tabled a loan request of US$117.26 million (Shs446.7 billion) to be borrowed from Standard Chartered Bank to finance the construction of the Kitgum-Kidepo road.

The Minister of State for Finance, Planning, and Economic Development (Planning), Hon. Amos Lugoloobi, tabled the request during the plenary sitting on Thursday, April 18, 2024.

Speaker Anita Among noted that government has been improving tourism roads across the country to boost revenue generation from the sector. 

“There is a need for us to work on tourism roads, and today we will receive a proposal to borrow money to finance a tourism road from Kitgum to Kidepo. This road, if constructed, will boost tourism in the Northern part of the country,” she said.

Among also expressed concern about the lengthy approval process for the loan, which has taken over a year and a half, resulting in the accrual of fees such as commitment fees. 

“How can a loan take over a year in the approval process when all the feasibility studies have been done? The time value of money should be considered,” she said.

The Attorney General, Kiryowa Kiwanuka, acknowledged the concern but explained that delays are sometimes caused by the need for further and better particulars to ensure efficiency. 

“Besides the time taken to negotiate the loan, the most important thing is that you need to get the right information from the necessary entities,” he said.

The Minister of State for Works, Hon. Musa Ecweru, highlighted the challenge of outdated road designs resulting from the delay.

Hon. Lugoloobi stated that they have evaluated the value chain of loan acquisition, approval process and actual implementation and evaluation of performance, noting serious concerns. 

Speaker Among referred the proposal to the Committee on National Economy for consideration.

Meanwhile, the Minister also tabled a supplementary request worth Shs1.106 trillion for consideration by Parliament. The supplementary expenditure Schedule No. 2 for financial year 2023/24 was tabled according to Section 25 of the Public Finance Management (Amendment) Act (2015), which stipulates that the total supplementary expenditure requiring additional resources over and above what is approved by Parliament shall not exceed 3 percent of the total approved budget for that financial year without the approval of Parliament. 

It also states that where funds are expended under subsection (1), supplementary estimates showing the sums spent shall be laid before Parliament within four months after the money is spent.

According to the breakdown, the bulk of the money, Shs 578 billion was spent on settling the offtake arrangement between Government and DEI Pharmaceuticals; Shs125 billion for settling wage shortfalls, and pension and gratuity shortfalls. Others include State House Shs18.6 billion; Office of the Prime Minister Shs9.4 billion; and Ministry of Finance Shs37.6 billion.

The supplementary schedule was referred to the committee on the Budget for consideration.

Distributed by APO Group on behalf of Parliament of the Republic of Uganda.

Angola Oil&Gas returns for its fifth edition from October 2-4 under the theme, Driving Exploration and Development Towards Increased Production in Angola.

Consulting company EY has joined the Angola Oil&Gas (AOG) conference – scheduled for October 2-4 in Luanda – as a gold sponsor. The sponsorship reflects the company’s commitment to supporting the growth of the Angolan oil and gas market by providing a suite of financial and corporate services. 

With teams across 150 countries worldwide, EY leverages its experience in global markets to offer data- and technology-driven services to Angola’s oil and gas industry. The consulting company supports the growth and operations of companies through assurance, tax, law, strategy and transaction services. During AOG 2024, EY will share insight into these services and how financial and corporate support will help Angola reach its production goals. 

Organized by Energy Capital&Power, AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com. 

In Angola, EY represents one of the oldest professional service organizations active in the market, having entered the country 67 years ago. The company combines innovation with pragmatic thinking to deliver actionable strategies for clients. 

Additionally, EY provides SME support by offering financing solutions tailored to Angolan companies. Speaking during AOG 2023, Rui Bastos, Partner and Global Business Risk Consulting Leader at EY, stated that, “SMEs are facing an interesting challenge, particularly in this part of the world. The biggest issue we see is their ability to relate sustainability-related projects to financially viable projects.” 

As such, the company aims to provide support for SMEs as they address these challenges, thereby promoting enhanced economic opportunity for companies – such as in the oil and gas industry. 

With a focus on creating long-term value growth for clients and building trust in capital markets, EY brings extensive experience and expertise to Angola’s premier oil and gas event. The company’s services are designed to assist energy and resources companies in navigating challenges such as decarbonization, digitization, cost pressures, and geopolitical uncertainty. 

This year’s conference will serve as a premier platform to address critical issues in Angola’s oil and gas market, including strategies to curb production decline, expand exploration and new discoveries, diversify the economy, and promote a just energy transition by developing natural gas resources. 

For more information about how you can get involved in AOG 2024, visit https://AngolaOilandGas.com or contact sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital&Power.

Tough action will be taken against those who violate traffic laws and cause deaths and injuries, President William Ruto has said.

The President said road negligence must stop and road safety measures enhanced, including the adoption of modern technologies to enhance monitoring of traffic violations and the introduction of instant fines.

Saying that no one will be exempted from road safety compliance, President Ruto pointed out that the government is dealing with corruption among traffic police officers because the vice makes them to turn a blind eye to speeding and reckless driving which then causes accidents.

“Our justice, law and order agencies must coordinate and sustain robust law enforcement by ensuring that offenders are detected, apprehended, prosecuted and punished swiftly and transparently,” he said.

President Ruto made the remarks during the launch of the National Road Safety Action Plan 2024 -2028 at the Kenyatta International Convention Centre in Nairobi.

Cabinet Secretaries Kipchumba Murkomen and Ezekiel Machogu, Nairobi Governor Johnson Sakaja, and European Union Ambassador to Kenya Henriette Geiger among others were present.

He said the launch of the plan will facilitate a multi-sectoral approach to road safety.

“The government is committed to supporting the implementation of the National Road Safety Action Plan by providing resources, addressing legal and regulatory gaps and enhancing the capacity of the National Police Service,” he said.

President Ruto called for stronger collaboration between the National Transport and Safety Authority and the Traffic Department of the police in the implementation of the safety action plan.

He said the plan must lead to the reduction of accidents, deaths and related injuries by 50 per cent in the next one year.

“The number of road accidents must come down. It is my expectation that we will be the administration that will deal with this challenge,” he said.

The President pointed out that road accidents were overwhelming hospitals with high numbers of critical injuries.

He said the government is working with development partners not only to improve road infrastructure, but also revamp road safety in the country.

President Ruto pledged that the government will enhance safety awareness campaigns to nurture a national culture of safety and responsible road usage.

The President urged the public to contribute to ensuring road safety across the country by playing their part.

“Evading inspection, neglecting vehicle safety maintenance, reckless behaviour on the road and paying bribes to avoid accountability are serious forms of contributory misconduct, which must be punished,” he added.

Distributed by APO Group on behalf of President of the Republic of Kenya.

OPEC Director of Research Dr. Ayed S. Al-Qahtani will deliver a keynote address at the upcoming Invest in African Energy (IAE) 2024 forum in Paris, affirming the importance of African oil supplies in global affairs.  

Home to six OPEC member countries, the African continent is playing a growing role in global supply discussions, accounting for a rising percentage of OPEC-led production. Libya and Nigeria represent Africa’s two largest producers – according to OPEC’s latest monthly oil report – both producing approximately 1.2 million barrels per day (bpd). While Angola left the organization at the end of last year, OPEC is said to be in talks with Namibia – which could be Africa’s fourth-largest producer by 2030, on the back of prolific offshore discoveries – and other African nations that represent the next generation of African oil production.

IAE 2024 (https://apo-opa.co/49krKXM) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Consisting of 22 nations, OPEC and its allies have been committed to maintaining oil supply cuts to boost barrel prices amid economic uncertainty. The alliance has implemented cuts of more than five million bpd since the end of 2022 and is extending voluntary cuts of 2.2 million bpd into mid-2024. The IAE forum will feature technical discussions around Africa’s oil outlook, exploring supply, demand and price forecasts based on various energy transition scenarios.

“IAE 2024 welcomes the participation of OPEC in leading critical supply discussions, as African producers seek to incentivize new exploration and develop recent offshore discoveries. The forum will share high-level insights into current and future efforts to ensure market stability, as well as highlight Africa’s growing influence on the global energy stage and the importance of African solidarity,” says Sandra Jeque, Event&Project Director at forum organizers, Energy Capital&Power.  

Distributed by APO Group on behalf of Energy Capital&Power.