Monday, 11 October 2010

Libya hopes to top foreign investors list in Uganda

Libya is expected to top foreign investors list in Uganda said Libya's Ambassador to Uganda Abdalla Bujeldain. Speaking, during celebrations to mark the 41st anniversary of the Libyan Revolution in Kampala, Bujeldain said Libya will soon jump, “into the first position”.

“Libya now ranks second among countries with the most investment in Uganda. We are soon jumping into the first position and will invest heavily in Uganda towards this end,” added Bujeldain.

Currently listed as second by Uganda Investment Authority, after the UK and ahead of Kenya, Libya has to date invested over $375 million in eight companies, including Uganda Telecom, National Housing Corporation, Soluble Coffee Plant, Tropical Bank, Lake Victoria Hotel and Tamoil East Africa.

Tamoil has already won a $100 million deal to construct an oil pipeline from Eldoret in Kenya to Kampala. Bujeldain said Libya was interested in all sectors from agriculture to oil, adding “We aim at building an economically powerful African continent. Libya is highly experienced in the oil industry.”

Source: The New Vision

For more news and expert analysis about Libya, please see Libya Focus and Libya Politics & Security.

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