China Group Seeks Partner for $620m Stuck Uganda Project

Posted January 3, 2022

Guangzhou Dongsong Energy Group wants to unlock a project with an annual fertilizer production target of 300,000 tons, Kampala-based New Vision newspaper reports, citing Changmin Lee, the Ugandan unit’s deputy general manager.

Project with plans to produce cement, glass, sulfuric acid and steel has stalled for two years as the Covid-19 pandemic froze access to loans
At least $60 million loan not disbursed due to delay in project implementation
Group has so far spent $79.4 million on insurance, loan deposits, commitment and arrangement fees for the loans from China

Source: Bloomberg

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