Iran sanctions curb credit transfer to Uganda-memo

KAMPALA, Sept 15 (Reuters) – Uganda has been unable to
obtain a $46 million credit offered by Iran because of
complications in transferring the money due to U.N. sanctions,
according to a government memo seen by Reuters on Wednesday.

Over the past two years, Iran has been strengthening
relations with the east African country, which is set to become
an oil producer in 2011, and there have been reciprocal state
visits by the nations’ leaders.

According to a Ugandan foreign ministry source, Iran offered
a $10 million credit in 2008 to boost trade and investment with
Uganda and that credit was increased to $46 million when
President Mahmoud Ahmadinejad visited Kampala in April.

However, a memo prepared by the ministry for parliament’s
public accounts committee, in response to an audit query, said
sanctions had complicated the money transfer.

“The ministry has followed up the implementation of this
line of credit. However, it has faced challenges, especially
following the imposition of sanctions on Iran,” said the memo.

“In a bid to overcome the diffi… >>>

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