China Group Seeks Partner for $620m Stuck Uganda Project
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