We were ap­proached for fi­nanc­ing sup­port, but we are not par­tic­i­pat­ing in the trans­ac­tion.”

The East African - - NEWS -

An­other source with knowl­edge of the mat­ter said that the credit agency said it was un­der­go­ing re­struc­tur­ing and asked for a two-week ex­ten­sion to de­liver the term sheet to Uganda Airlines. A term sheet spells out the terms and con­di­tions as well as the sched­ule for re­pay­ment of a loan. EDC was ex­pected to de­liver the term sheet on Septem­ber 21.

But Shel­ley Ma­clean, the prin­ci­pal ad­vi­sor for ex­ter­nal com­mu­ni­ca­tions at the Cana­dian Ex­port-im­port bank, told

that the lender had not com­mit­ted any fi­nances for this trans­ac­tion.

“We were ap­proached for fi­nanc­ing sup­port, but we are not par­tic­i­pat­ing in the trans­ac­tion. Due to the com­mer­cial confidentiality clauses on prospec­tive trans­ac­tions, I will not re­veal the rea­sons,” said Ms Ma­clean.

A Ugan­dan gov­ern­ment of­fi­cial how­ever said that it re­ceived the term sheet from Canada Exim Bank on Thurs­day last week and a meet­ing was held at the Min­istry of Fi­nance on Fri­day to eval­u­ate it.

“In all 12 new of­fers have come in but a de­ci­sion has been taken against re­veal­ing their Shel­ley Ma­clean, Cana­dian Ex­portim­port Bank

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