EU, help to boost trade in east Africa (By Sylodium, international trade directory)

The European Union has given Uganda 112 million Euros ($151 million) in credit and grants to help pay for roads meant to help boost trade in east Africa,The EU has traditionally been a major source of financing for transport infrastructure for the prospective crude oil producer, according to the thomson Reuters.

Uganda's national budget has been squeezed since major western donors including Britain, its biggest source of bilateral aid, suspended financial support toward the end of last year after allegations that $13 million worth of aid had been embezzled.

The latest funds will help to improve the Kampala Northern Bypass and construct the Mbarara Bypass, which would speed up the flow of cargo on a highway linking Uganda, Rwanda, Burundi, the Democratic Republic of Congo and South Sudan to Kenya's Mombasa seaport.

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