Uganda gets $295 Mn from Saudi Bank: Riyadh the new Lender for Africa? | Vantage with Palki Sharma [Video]

Uganda gets $295 Mn from Saudi Bank: Riyadh the new Lender for Africa? | Vantage with Palki Sharma

Uganda gets $295 Million from Saudi Bank: Riyadh the new Lender for Africa? | Vantage with Palki Sharma

Uganda’s foreign minister was in Saudi Arabia’s capital Riyadh this week. On Tuesday, he announced that the country has secured a $295 Million loan from Saudi Arabia’s Islamic Development Bank. Uganda has traditionally relied on loans from the World Bank. But last year, the World Bank froze funding to Uganda over an anti-homosexuality law. The World Bank wanted to tie future funding to the protection of Uganda’s LGBTQ+ community. So instead of dealing with Western conditions, it seems that Uganda has found a new partner. Saudi Arabia seems to be taking a leaf out of China’s book. Will Saudi Arabia become Africa’s next big lender?

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#uganda #saudiarabia #riyadh #lgbtq #worldbank #china #firstpost #vantageonfirstpost #palkisharma #worldnews

Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.

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