The Uganda government wants to borrow money from Stanbic Bank to buy Umeme, the company that brings electricity to people's homes. They need to pay almost $191 million because Umeme's time working in Uganda will end on March 31, 2025.
The government must give Umeme around $200 million because Umeme spent a lot of money making Uganda's electricity system better over twenty years. The government decided in 2022 they didn't want Umeme anymore because people had to pay very high prices for electricity.
The government asked special checkers to look at all the money Umeme spent on electricity towers and wires. Irene Batebe, an important person in the government, said these checkers will make sure everyone agrees on the right amount of money to pay Umeme.
A company called UEDCL will take Umeme's place on April 1, 2025. The government helped UEDCL learn what to do for the past two years. They hired many workers and bought equipment to make sure electricity kept flowing to people's homes without problems.
Umeme spent more than $600 million making Uganda's electricity better since they started working there. Even after learning they would have to leave, Umeme kept fixing and building new electricity lines because that was part of their promise to Uganda.
The government believes running the electricity system themselves might help make power cheaper for Ugandan people. The people who make laws in Uganda will meet to talk about borrowing this money from the Stanbic Bank. They want to make sure the government spends the money wisely and can pay it back.
The government must give Umeme around $200 million because Umeme spent a lot of money making Uganda's electricity system better over twenty years. The government decided in 2022 they didn't want Umeme anymore because people had to pay very high prices for electricity.
The government asked special checkers to look at all the money Umeme spent on electricity towers and wires. Irene Batebe, an important person in the government, said these checkers will make sure everyone agrees on the right amount of money to pay Umeme.
A company called UEDCL will take Umeme's place on April 1, 2025. The government helped UEDCL learn what to do for the past two years. They hired many workers and bought equipment to make sure electricity kept flowing to people's homes without problems.
Umeme spent more than $600 million making Uganda's electricity better since they started working there. Even after learning they would have to leave, Umeme kept fixing and building new electricity lines because that was part of their promise to Uganda.
The government believes running the electricity system themselves might help make power cheaper for Ugandan people. The people who make laws in Uganda will meet to talk about borrowing this money from the Stanbic Bank. They want to make sure the government spends the money wisely and can pay it back.
