(Ecofin Agency) - The Trade and Development Bank announced last week an investment of $328 million to support the Ugandan economy during this covid-19.

The resources, provided as a seven-year syndicated loan, will support development and infrastructure financing in the country. This announcement comes at a time many African countries have adopted restrictive measures that could be detrimental to their economies in the long term. And Uganda fears that the global slowdown that comes with the pandemic will affect its income, particularly because of its dependence on income from exports of agricultural products such as coffee. Also, authorities have launched major infrastructure projects in recent years, largely financed by substantial external borrowing.

According to TDB, this transaction will help ensure that infrastructure projects remain on track in Uganda, especially in this more difficult market environment marked by the covid-19 pandemic.

Let’s note that Uganda has so far recorded 54 cases of covid-19.

Moutiou Adjibi Nourou