(Bloomberg) -- Uganda plans to borrow 101.9 million euros ($112.7 million) from U.K. Export Finance to develop solar-powered irrigation and water systems to boost agriculture in Africa's biggest coffee exporter.
Uganda will spend the funding to develop 920 water systems for domestic use and for irrigation, the parliament's National Economy Committee said in a statement posted on the legislature's website. U.K-based Nexus Green Ltd. will establish a factory in Uganda to make equipment and install the systems, the lawmaking committee said.
Only 1% of 3 million hectares in Uganda that could be irrigated are under controlled watering because of the costs, the report said. The country targets to increase the area under irrigation to 1.5 million hectares by 2040, it said.
To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net
To contact the editors responsible for this story: Paul Richardson at pmrichardson@bloomberg.net, Helen Nyambura, David Malingha
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
