Kenyan investors back Ugandan projects

07/02/2011 - Kenya property & investment news Posted by Bob Brunskill
Kenyan investors back Ugandan projects

Kenya has been identified as the biggest source of planned investments by the Uganda Investment Authority following a recent spate of new projects.

Maggie Kigozi, executive director of the authority, revealed it had licensed investment projects worth $122 million last month in a bid to create jobs and explore new business opportunities, Bloomberg reported.

According to the news source, this figure covered 29 projects licensed by the Uganda Investment Authority, with Kenya the biggest source of planned investments with an estimated $55 million.

"The growth in investment was driven by interest in the agriculture, finance, real estate and manufacturing industries," it was also reported.

Such projects are expected to create 2,590 jobs, Ms Kigozi said.

The news comes after the Business Daily Africa recently suggested that Kenya's maturing property market has been supported by a rise in mortgage financing.

It was argued that strong middle-class demand had played a key role in the sector's performance.

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