Uganda Roundup: FIFA U-17 World Cup, railway extension project, TCS World 10K Marathon
Financial resources
A new partnership between SHONA Capital and Cornerstone Asset Managers is poised to inject significant funding into Uganda’s small and medium-sized enterprises (SMEs), particularly within the agriculture and healthcare sectors. This $500,000 investment seeks to provide essential capital, thereby mitigating the reliance on foreign currency financing which has contributed to a staggering $4.7 billion financing shortfall for Ugandan SMEs. SHONA Capital is committed to providing not only financial resources but also managerial guidance, while Cornerstone Asset Managers will draw on their extensive wealth management expertise to support the initiative.
TCS World 10K Marathon
Prominent Ugandan and Kenyan runners are set to make their mark in the upcoming TCS World 10K Marathon scheduled for April 27 in Bengaluru. Ugandan Olympian Joshua Cheptegei will return to this prestigious event after almost ten years, where he will face tough competition, including local compatriot Stephen Kissa and a strong Kenyan contender in Vincent Langat, who has shown impressive recent form. The women's event will also witness fierce competition from Eritrea’s Rahel Daniel, Ethiopia’s Asmarech Anley, and Uganda's Sarah Chelangat, all of whom have demonstrated remarkable performances at recent major competitions.
Christianity and Morality
Ugandan Catholic bishops have released a pastoral letter of significant concern regarding the declining moral and spiritual values within the nation. Titled “The Truth will set you free,” the document discusses grave issues such as escalating homicide rates, pervasive corruption, and human rights violations. The bishops emphasise the urgent need for actions to combat what they describe as a moral and spiritual crisis, exacerbated by growing poverty, youth unemployment, and rampant alcohol abuse. The letter further condemns abortion and corruption, advocating for enhanced protection for anti-corruption activists and ensuring the independence of anti-graft agencies.
Railway extension project
In regional infrastructure developments, Kenya has secured an impressive $5.3 billion in funding from a consortium of Chinese companies aimed at reviving a stalled railway extension project to Uganda. According to the agreement, the consortium will contribute 40% of the funding and will manage the 475-kilometre Standard Gauge Railway line from Naivasha to Malaba, collecting toll fees to recover their investment. Additionally, the Export-Import Bank of China will finance 30% of the project with loans, featuring a grace period that extends until 2029. The remaining costs will be covered by Kenya through a railway development levy. Republic of Congo, signalling an important step in regional connectivity.
FIFA U-17 World Cup
In the sphere of youth football, Uganda, Gambia, Angola, and Egypt are fervently battling it out for places in the FIFA U-17 World Cup, set to take place in Qatar in 2025. The decisive matches at the TotalEnergies CAF U-17 Africa Cup of Nations in Morocco will unfold on Saturday at El Abdi Stadium. Uganda's under-17 team is strategically positioned to face Gambia at 17:00 GMT, with aspirations of achieving their first World Cup qualification while facing a well-versed Gambia squad. Meanwhile, Angola will challenge Egypt at 20:00 GMT, with Angola seeking a defining victory, while Egypt aims for a return to the World Cup arena for the first time since 1997.
