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Chinese Government offers Sh 700 billion for Sseesamirembe / Lake Victoria Free Trade Zone
| Funder | Unspecified Chinese Government Institution |
|---|---|
| Recipient Organization | Government of Uganda |
| Country | Uganda |
| Start Date | Jan 01, 2006 |
| End Date | Oct 02, 2029 |
| Duration | 8,675 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 12199 |
Grant Description
Chinese Government offers Sh 700 billion for Sseesamirembe / Lake Victoria Free Trade Zone On January 18, 2006, Ugandan officials and Chinese companies signed a memorandum of understanding for a free trade zone investment venture.
On August 12, 2008 the Kagara Eco-Cities Limited and Paradise International Investment signed a MoU for the construction of a free trade zone in Sseesamirembe, Rakai District, Uganda (Lake Victoria Free Trade Zone) with an investment of 1.5 billion USD.
The investment, a partnership between a large Chinese firm and Ugandan investors, was to cover 500 square kilometres (200 square miles) of land.
They proposed building a “solar-powered” airport, manufacturing facilities and a distribution hub, as well as homes and agribusiness, all adding up to a new “eco-city”.
The Chinese government offered Uganda 700 billion Ugandan shillings, an amount erroneously reportedly as 700 billion USD, to begin the project. However, Uganda’s Congress rejected the offer.
Following allegations over the religious affiliations of the project implementing agency (a firm linked to the Serulanda spiritual sect), the plan was halted in February of 2009 for investigations. As of 2017, the construction of the free trade zone is still suspended and is assumed to be cancelled.
Staff Comments
1. The project is known as Sseesamirembe City, and the Lake Victoria Free Trade Zone
Sources & References
- http://www.sseesamirembe.com/aboutus.php, http://ugandaradionetwork.com/a/story.php?s=20776
- China backs Uganda's free trade zone plan..
- Chinese to invest $1.5b in Rakai
- Sserulanda Spiritual Leader Defies Government on Construction of Free Trade Zone.
- Sserulanda: Lake Victoria Free Trade Zone Dream Still Alive
- Not as easy as it looks
- My journey to a Ugandan ghost town Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
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Government of Uganda
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