Uganda's Karuma Hydro Project Clears Funding, Legal Hurdles

JOHANNESBURG--July 3, 2013--Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Uganda's Karuma hydropower project on the Nile River has been fraught with problems, including funding and contract difficulties. The funding problem was solved when the country's president, Yoweri Museveni, intervened in March this year and obtained an offer from China's state-owned Sinohydro (SSE:6019) (Beijing) to undertake the project for $1.65 billion, which was down from the original estimate of $2.2 billion.