Tag Archives | Uganda

Uganda, Kenya Cancel Tamoil Pipeline Contract

Uganda and Kenya have cancelled a contract with Libya’s Tamoil East Africa Ltd to build a 352-kilometer (219-mile) reversible-flow oil pipeline linking the Ugandan capital Kampala with the western Kenyan city of Eldoret. Irene Muloni, Uganda’s energy minister said: "We canceled the Tamoil contract .. If you do not fulfill the terms of an agreement, […]

Ugandans Worry about Libyan Funded Companies

Uncertainty continues to build around Libyan interests in Uganda, resurrecting fears that thousands of jobs could be at stake. Libya has invested over $375m in Uganda's agriculture, hotel, health, infrastructure, construction, food and financial industries, providing jobs for over 3,000 Ugandans directly and indirectly, according to a report from AllAfrica. Libyan-funded companies in Uganda include […]

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LIA Claws Back Sovereign Assets

Libya Herald reports that, almost one year after the fall of Tripoli, the Libyan Investment Authority (LIA), Libya's sovereign-wealth fund, is still working to recover assets frozen during the revolution. The LIA is now also said to be investigating losses that have come to light, including $1.95bn related to investments made with Goldman Sachs and […]

Libyan-Owned Tropical Bank of Uganda Posts Loss as Deposits Drop

Tropical Bank Ltd., the Libyan- owned lender seized by Uganda’s central bank last year, said it posted a loss in 2011 after customer deposits declined. The loss totaled 624.2 million shillings ($249,256) in the 12 months through December, compared with a profit of 5.6 billion shillings a year earlier, the Kampala-based bank said in a […]

Telecom operator returning to Libya

The Ugandan government announced on Monday that Libyan assets, including Uganda Telecom (UTL), seized by the government last year as part of United Nations (UN) sanctions on Libya, will be returned. The government said, in a press statement published by the WallStreet Journal, once UN sanctions against the North African country were lifted in December […]

Ugandan Embassy in Libya to Re-open Soon

After the Ugandan embassy in Tripoli, Libya was temporarily closed due to the uprising that caused chaos in the country from mid February 2011, Ugandans in Libya as well as other people of different nationalities who may need to associate with Uganda have a reason to smile as the embassy is to be re-opened in […]

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Libya to maintain Ugandan investments

Libya has invested at least $375 million (about Shs 900billion) in Uganda through its multi-billion dollar investment arm—the Libyan Africa Investment Portfolio. In Africa, Uganda is considered a hub of Libya’s foreign investment.Under the regime of the Late Col Muammar Gaddafi—Libya invested heavily in sectors such as agriculture, telecommunication, hotels, health, construction, and finance.The range […]