African Export-Import Bank Supports Major Infrastructure Project in Uganda
African Export-Import Bank (Afreximbank) has announced a significant financial commitment of US$36.4 million to support the construction of the Akii Bua Olympic Stadium in Uganda. This funding will be provided to Egypt’s SAMCO-National Construction Company (SAMCO), which is spearheading the project.
The stadium, located in Lira, Uganda, is set to play a crucial role in hosting matches for the 2027 Africa Cup of Nations (AFCON). Uganda will co-host the event alongside Kenya and Tanzania, marking a major milestone for the region. The stadium is expected to become a symbol of regional unity and a hub for international sports events.
Financing Under Afreximbank’s EPC Programme
The financing facility was granted under Afreximbank’s Engineering, Procurement and Construction (EPC) programme. This initiative aims to support African EPC companies in securing large-scale contracts within the continent. The funds will be used to finance the design, construction, and development of the stadium, as well as the acquisition of essential components required for the project.
Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development at Afreximbank, signed the agreement on behalf of the bank during a ceremony held in Cairo on 29 October. Engineer Sameh Soliman, Chairman of SAMCO, signed the agreement for his company.
Commitment to African Development
Mrs. Awani emphasized that this partnership reflects Afreximbank’s deep commitment to empowering local capacity in infrastructure development. “We are pleased to support an African EPC company as part of Afreximbank’s EPC initiative,” she said. “This aligns with our creative/sports strategy in one of our member countries, Uganda.”
She added that the initiative aims to foster sustainable economic growth, enhance regional infrastructure, and facilitate the hosting of CAF and FIFA-approved sports events. These efforts are expected to contribute to Uganda’s social and economic advancement.
Engineer Sameh Soliman, Chairman of SAMCO, expressed his appreciation for Afreximbank’s support. “We value Afreximbank’s partnership and support in this landmark project,” he said. “This collaboration reinforces our strategic commitment to expanding our presence across Africa and strengthening our role in delivering impactful infrastructure solutions.”
Impact on Uganda and the Region
The development of the Akii Bua Olympic Stadium is anticipated to have far-reaching benefits. It is expected to promote sports in Uganda, foster regional integration and tourism in East Africa, and support infrastructure development. The project will also strengthen the government’s sports and infrastructure agenda, enhancing the country’s capacity to host international events.
Additionally, the stadium is expected to generate employment opportunities during both the construction and operational phases. It will stimulate local supply chains and attract international events, boosting Uganda’s global visibility.
Significance of the 2027 AFCON Games
The 2027 AFCON games will mark the first time the continental tournament is hosted in East Africa since 1976. This event presents a unique opportunity for the region to showcase its capabilities on the global stage.
About Afreximbank
Afreximbank is a Pan-African multilateral financial institution dedicated to financing and promoting intra- and extra-African trade. For over 30 years, the bank has been deploying innovative structures to deliver financing solutions that support the transformation of Africa’s trade. This includes accelerating industrialization and intra-regional trade, thereby boosting economic expansion across the continent.
As a stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched the Pan-African Payment and Settlement System (PAPSS). This system was adopted by the African Union as the payment and settlement platform to underpin the implementation of the AfCFTA.
Working closely with the AfCFTA Secretariat and the AU, the bank has established a US$10 billion Adjustment Fund to support countries participating effectively in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, with shareholder funds amounting to US$7.2 billion.
Afreximbank has investment grade ratings from several international rating agencies, including GCR (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (AAA), Japan Credit Rating Agency (A-), and Fitch (BBB-).
The bank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure. The bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com
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Vincent Musumba
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Email: press@afreximbank.com
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