Tanzania and Uganda finally sign the long-awaited US$15b oil pipeline deal

UGANDA – The governments of Uganda and Tanzania have joined oil companies Total of France and CNOOC of China in signing a series of accords that pave the way for the construction of a pipeline to carry crude from Uganda to Tanga port in Tanzania. The US$3.5 billion project led by Total and China National Offshore Oil Corporation (CNOOC) provides for the management of oilfields in the Lake Albert region in Uganda’s west and proposes pumping the crude to the coast across Tanzania via the East African Crude Oil Pipeline…

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Verdant Capital raises US$9.9m financing for Uganda’s tech-enabled lender Tugende

UGANDA – Pan African specialist investment financial institution Verdant Capital has raised US$9.9 million Series A equity capital for Tugende, a technology enabled MSME lender in East Africa. Verdant Capital is Tugende’s financial advisor and arranger for its equity and debt capital raises The transaction is the most recent for the fintech and financial inclusion investment banking franchise of Verdant Capital. Partech Africa, a member of the Partech Group, a leading global technology venture capital fund, and Enza Capital invested in the US$3.6 million extension round agreed and structured in…

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Bell Helicopters delivers first Bell 505 to a Ugandan aviation company, BAR

UGANDA – Bell Textron Inc., a Textron Inc. company, has announced the delivery of a Bell 505 helicopter equipped with the Med-Pac Inc. LLC Emergency Medical Services Lite Interior to BAR Aviation, a leading aviation company in Uganda, marking the first Bell 505 in Uganda and the first Bell 505 designed to complete medical evacuation (medevac) missions in Africa.  “We are elated that BAR Aviation has chosen the Bell 505 as its Helicopter Emergency Medical Services (HEMS) platform and will operate the first medevac Bell 505 in Africa,” said Lynette Loosen, regional sales…

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Asset finance company Tugende raises US$3.6m in series A funding

UGANDA – Tugende, a technology-enabled asset finance company, has raised US$3.6 million equity financing in its Series A round of funding. The investors who took part in the round include San Francisco and Paris-based VC firm, Partech, and Enza Capital. The investment follows the US$6.3 million raised in November 2020 and led by Toyota Tsusho investment fund Mobility 54 bringing Tugende’s total Series A financing to US$9.9 million. Founded in Kampala, the capital of Uganda by Michael Wilkerson in 2012, the company provides a technology-based medium for micro, small and medium…

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AfDB signs US$229.5m financing agreement for the Kampala-Jinja Expressway Project

UGANDA – The African Development Bank (AfDB) and the Government of Uganda have  signed a US$229.5 million financing agreement for the first phase of the Kampala-Jinja Expressway Project, which will cut travel time and boost trade along an important artery linking Uganda with its neighbours. The Kampala-Jinja Expressway Public-Private Partnership (PPP) Project-Phase I will improve travel flow, thereby “reducing travel time from more than three hours to under one hour” between Jinja and Kampala along the northern corridor linking Uganda to neighbours Rwanda, Burundi, Democratic Republic of Congo, South Sudan,…

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Namyalo Mayanja appointed Executive Director, KCB Bank Uganda

UGANDA – KCB Bank Uganda Limited has appointed Agnes Namyalo Mayanja as an Executive Director. In her role, she will deputize and support the Bank’s Managing Director in the overall strategy formulation and implementation of astute leadership and management in line with the bank’s vision, mission, and values. Prior to joining KCB Bank Uganda, Agnes Mayanja worked as the Chief Risk Officer for dfcu Bank Limited where she was responsible for the Bank’s risk management operations and strategies. She is a seasoned banker with 22 years of working experience in…

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Uganda airlines secures landing and departure slots in Dubai, London

UGANDA – Uganda Airlines has secured slots for departures and landing at London Heathrow Airport and Dubai International Airport as it prepares for commencement of long haul flights to the United Kingdom, United Arab Emirates and China. The move comes after the airline received its two Airbus A330-800Neo air crafts in December 2020 and early this year. Roger Wamala, the Uganda Airlines Commercial Director said the two aircrafts, code named Mt Elgon and Mt. Rwenzori,  will however remain grounded because the Uganda Civil Aviation Authority (UCAA) has not yet cleared…

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Rolls-Royce signs engine support agreement with Uganda Airlines

UGANDA – British engineering company Rolls-Royce has signed engine support agreement with dubbed a TotalCare with Uganda Airlines for their two new Airbus A330neo aircraft powered exclusively by Rolls-Royce Trent 7000 engines. Uganda Airlines received their two A330neo, first in December 2020 and second in January 2021. TotalCare is a service concept based upon predictability and reliability. The agreement will give Uganda Airlines a secured cost of operating and maintaining their Trent 7000 engines, through a dollar-per-flying-hour payment mechanism, as well as enhanced aircraft availability as a result of their…

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Kiira Motors unveils diesel-powered bus for long distance travel

UGANDA – Uganda’s automotive company Kiira Motors has expanded its of offerings to the market as it stirs up domestic motor vehicle manufacture and assembly.  The company is set launch yet another bus model, the Kayoola Diesel Bus (KDC), to complement the Kayoola EVS that runs exclusively on electricity. Powered by a Cummins conventional diesel engine, the Kayoola KDC is designed to plug the range gap between the Kayoola EVS, which is primarily suited for urban commuter services, and the needs of long-distance operators. The Kayoola EVS can run for…

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Winch Energy secures US$16m to finance 49 mini-grids in Uganda and Sierra Leone

UGANDA – Winch Energy in partnership with NEoT Off-Grid Africa, a platform set up by Electricité de France (EDF), Mitsubishi and Meridiam, has set up a financing vehicle dubbed Winch Energy Holdings (WIPP) dedicated to the financing of its green mini grid projects in Africa. The new mechanism has already mobilised US$16 million for the realisation of 49 Winch Energy mini grid projects in Uganda and Sierra Leone. The Winch Energy IPP Holdings (WIPP) mechanism was set up by Winch Energy in partnership with NEoT Off-grid Africa, a platform developed…

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