Ugandan power firm Umeme gets $190 million for grid expansion

Ugandan power distributor Umeme Ltd has secured a $190 million long-term loan to expand and upgrade its distribution infrastructure, it said on Wednesday.

The firm, which is partly owned by emerging markets private equity firm Actis, said the investments would help it to reduce energy losses and provide services to more customers.

It plans to cut energy losses incurred in the distribution process to an agreed regulatory target of 23 percent of energy purchased, from 26.1 percent in 2012.

The loan was jointly provided by the World Bank's International Finance Corporation (IFC), Standard Chartered Bank and Stanbic Bank, Umeme said in a statement.

Umeme's shares are listed on both the Ugandan and Kenyan bourses.