{"id":3167,"date":"2021-04-15T12:45:09","date_gmt":"2021-04-15T12:45:09","guid":{"rendered":"https:\/\/smlnews.ug\/Luganda\/?p=3167"},"modified":"2021-05-04T08:41:03","modified_gmt":"2021-05-04T08:41:03","slug":"govt-rejects-proposal-to-mortgage-oil-as-loan-security","status":"publish","type":"post","link":"https:\/\/smlnews.ug\/Luganda\/2021\/04\/15\/govt-rejects-proposal-to-mortgage-oil-as-loan-security\/","title":{"rendered":"Govt Rejects proposal to mortgage oil as Loan security"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"\/\/i1.wp.com\/smlnews.ug\/wp-content\/uploads\/2021\/04\/wamala-1.jpeg\" alt=\"\" class=\"wp-image-3181\" width=\"495\" height=\"329\" \/><figcaption>Ministry of Works &amp; Transport,Hon. Edward Katumba Wamala.<\/figcaption><\/figure>\n\n\n\n<p>The Government has rejected China Exim Bank&#8217;s proposal to mortgage oil as loan security  for the construction of the Standard Gauge Railway (SGR).<\/p>\n\n\n\n<p>Works and Transport Minister Gen. Katumba Wamala told MPs on the physical infrastructure committee that the bank \u201cwas looking ahead\u201d and requested the Government to peg oil revenue as security for the loan.<\/p>\n\n\n\n<p>Finance Minister Kasaija said the government rejected the proposal on grounds that the country did not know how much revenue would be generated from oil and that mortgaging the oil resource even before extraction was not good.<\/p>\n\n\n\n<p>Government in 2015, entered into an agreement with the China Harbor Engineering Company Limited, to construct the 273km section of Uganda\u2019s SGR project from Malaba to Kampala.<\/p>\n\n\n\n<p>The Government has however been negotiating for a loan of $2.3b with the China Exim Bank to finance the construction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government has rejected China Exim Bank&rsquo;s proposal to mortgage oil as loan security for the construction of the Standard Gauge Railway (SGR). Works and Transport Minister Gen. Katumba Wamala told MPs on the physical infrastructure committee that the bank &ldquo;was looking ahead&rdquo; and requested the Government to peg oil revenue as security for the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1,5],"tags":[420,419,421,418],"class_list":["post-3167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","category-business","tag-bank","tag-exim","tag-loan","tag-mps"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt Rejects proposal to mortgage oil as Loan security - SML News UG<\/title>\n<meta name=\"description\" content=\"The Government has rejected China Exim Bank&#039;s proposal to mortgage oil as loan security for the construction of SGR.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/smlnews.ug\/Luganda\/2021\/04\/15\/govt-rejects-proposal-to-mortgage-oil-as-loan-security\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt Rejects proposal to mortgage oil as Loan security - 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