US Secretary of Commerce Congratulates YAATRA Ventures on Export Deal with Uganda
US Secretary of Commerce Wilbur Ross congratulates YAATRA Ventures, LLC, a Washington, DC-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 US Ambassador to Uganda and the US 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 US Trade Development Agency, and SACE.
“The deal represents a major win for US commercial interests in Uganda,” said 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 US 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 US support for the refinery project,” said YAATRA Ventures President Rajakumari Jandhyala.
YAATRA Ventures focuses on developing 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.
The agreement is valued at $2.85 billion with approximately $1 billion in expected US export content, supporting over 5,000 jobs in the United States and Uganda.
The Advocacy Center coordinates US government interagency advocacy efforts on behalf of US exporters bidding on public-sector contracts with overseas governments and government agencies. It helps to ensure that sales of US products and services have the best possible chance competing abroad.