Posted at 4:33 PM
U.S. Secretary of Commerce Wilbur Ross congratulates YAATRA Ventures, LLC, a Washington, D.C.-based manager of investment capital with a specific expertise in Africa, on its recently announced $2.85 billion Project Framework Agreement with the government of Uganda. The YAATRA Ventures-led Albertine Graben Refinery Consortium, which includes General Electric’s Baker Hughes division, will develop, construct, and operate of a new oil refinery company in Uganda.
The Department of Commerce’s Advocacy Center and Secretary Ross collaborated with YAATRA, the U.S. Ambassador to Uganda and the U.S. Commercial Service in Kenya during the past seven months to secure the agreement. This project is a joint venture with the Uganda National Oil Company and is supported by the African Development Bank, the International Finance Corporation, the Overseas Private Investment Corporation, the U.S. Trade Development Agency, and SACE.
“The deal represents a major win for U.S. commercial interests in Uganda,” said Secretary Ross. “It embodies what we can achieve when government acts as a facilitator, not just a regulator.”
"Africa and the West share a lot of history together and there is a need for them to use these past linkages to further economic business," said Ugandan President Yoweri Museveni.
“Our partnership with the U.S. Department of Commerce’s Advocacy team and direct engagement from Secretary Ross with His Excellency President Museveni on behalf of YAATRA and the Albertine Graben Refinery Consortium was critical to Government of Uganda's recognition of U.S. support for the refinery project,” said YAATRA Ventures President Rajakumari Jandhyala.
The agreement is valued at $2.85 billion with approximately $1 billion in expected U.S. export content, supporting more than 5000 jobs in the United States and Uganda.
About the Advocacy Center: The Advocacy Center coordinates U.S. government interagency advocacy efforts on behalf of U.S. exporters bidding on public-sector contracts with overseas governments and government agencies. It helps to ensure that sales of U.S. products and services have the best possible chance competing abroad. Advocacy assistance is wide and varied but often involves companies that want the U.S. government to communicate a message to foreign governments or government-owned corporations on behalf of their commercial interest, typically in a competitive bid contest.
About YAATRA Ventures: YAATRA Ventures focuses on developing innovative infrastructure solutions for the public sector that unlock productivity and drive economic growth in key African countries on the path to achieving middle-income status.