Turkish firm Yapi Merkezi is preparing to begin early works on Uganda’s standard gauge railway in March, nearly four months after the project’s construction was launched, as it emerges that the contractor will use government funds as external financing totaling $2.2 billion through a syndicated loan has not yet reached financial close.
“We are commencing early works in a couple of weeks, financed by (GoU) Government of Uganda. Discussions with lenders are taking firm shape,” a source familiar with the project stated.
