(Ecofin Agency) - Ugandan President Yoweri Museveni is on an official visit to Algeria since Saturday, March 11. The visit comes at a time when Algeria and Uganda, two strategic African mining countries, want to strengthen their mutual investments in various sectors.
Uganda and Algeria recently strengthened their cooperation through seven new bilateral agreements signed during President Yoweri Museveni’s official visit to his counterpart Abdelmadjid Tebboune.
The two countries specifically signed two cooperation agreements and five memoranda of understanding. The bilateral agreements cover various vital sectors, namely energy, tourism, trade, agriculture, animal health, as well as higher education and scientific research, we learn from the Algerian press. The objective for both governments is to facilitate mutual investment in the said sectors while allowing Algeria to implement its strategy to re-establish cordial relations with the rest of Africa. For President Abdelmadjid Tebboune, this is a strategic direction for Algeria.
As the fourth largest oil producer in Africa, Algeria has extensive experience in the management of energy resources that provide most of its foreign exchange earnings. In Uganda, numerous new mineral deposits have been announced in recent years. With the country beginning its first oil drilling activities this year, it can benefit from Algeria’s experience in that sector.
Let’s note that in February 2023, Algeria announced its plan to invest $1 billion to finance development projects in Africa. For the time being, however, no specific detail has been provided on the investments concerned.
Moutiou Adjibi Nourou