Uganda has signed a €110.5 million ($126.1 million) agreement with the local unit of international lender Standard Chartered LSE:STAN to help finance the construction of a road in the country's northeast region, the finance ministry said.
In a post on X late on Tuesday, the ministry said the new 115.8-km road will help "reduce transport costs and strengthen regional trade."
The road will be built in Karamoja, a remote region in Uganda's northeast on the border with Kenya. The area has drawn a rush of investor interest in recent years because of its vast mineral potential, including gold.
The ministry said the road will also help support ongoing major investments in the region, including a $300 million cement factory and a $72 million international airport.
($1 = €0.8766)