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Uganda's finance ministry has announced the signing of a $500 million loan agreement with South Korea to support infrastructure development in the African nation.
Uganda’s finance minister, Matia Kasaija, and South Korea’s Minister of Foreign Affairs Cho Tae-Yul signed an agreement during the Korea-Africa summit in Seoul.
According to a post on X, the loan will be provided by South Korea’s EXIM Bank, but specific details about the infrastructure projects to be funded were not disclosed.
However, it is known that Uganda often borrows for road and energy initiatives. As a result of this loan, Uganda's debt issues are expected to increase.
As of December 31, the country's public debt stood at 24.6 billion, largely due to investments in infrastructure.
