African Export-Import Bank Supports Construction of Akii Bua Olympic Stadium in Uganda
Cairo, Egypt — The African Export-Import Bank (Afreximbank) has announced the extension of a US$ 36.4-million contract financing facility to Egypt’s SAMCO-National Construction Company (SAMCO). This funding is intended for the construction of the Akii Bua Olympic Stadium in Uganda. The stadium, located in Lira, is set to host some of the matches during the 2027 Africa Cup of Nations (AFCON), which Uganda will co-host alongside Kenya and Tanzania.
Key Details of the Financing Agreement
The US$ 36.4-million facility was granted under Afreximbank’s Engineering, Procurement and Construction (EPC) programme. This initiative supports African EPC companies in bidding for large-scale contracts within the continent. The funds will be used to finance and support SAMCO in the design, construction, and development of the stadium project, as well as in acquiring essential components required for the successful execution of the project.
Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development at Afreximbank, signed the facility agreement on behalf of Afreximbank during a ceremony held in Cairo on 29 October. Engineer Sameh Soliman, Chairman of SAMCO, signed for his company.
Strategic Importance of the Project
Commenting on the facility, Mrs. Awani emphasized that the deal reflects Afreximbank’s deep commitment to empowering local capacity in the execution of large-scale and complex infrastructure developments. She stated:
“We are pleased to support an African EPC company as part of Afreximbank’s EPC initiative, and to finance the construction of a state-of-the-art stadium, further aligning with our creative/sports strategy in one of our member countries (Uganda). Through this initiative, we aim to foster sustainable economic growth, enhance regional infrastructure and facilitate the hosting of CAF and FIFA-approved sports events that will contribute to Uganda’s social and economic advancement.”
Engineer Sameh Soliman, Chairman of SAMCO, expressed gratitude for Afreximbank’s partnership and support in this landmark project. He added:
“We value Afreximbank’s partnership and support in this landmark project. This collaboration reinforces our strategic commitment to expanding our presence across Africa and strengthening our role in delivering impactful infrastructure solutions. We look forward to a long-term and mutually beneficial relationship with the Bank, driving growth and sustainable development across the continent.”
Impact on Uganda and East Africa
The development of the Akii Bua Olympic Stadium is expected to greatly promote sports in Uganda and to engender regional integration and tourism in East Africa. It will also support infrastructure development and strengthen the government’s sports and infrastructure agenda. The stadium will enhance the country’s capacity to host CAF- and FIFA-approved events, contributing to national pride, youth engagement, and economic diversification.
The project will help consolidate SAMCO’s position as a leading African contractor capable of executing large-scale, government-backed projects across the continent. The financing facility supports SAMCO in expanding its operations across Africa.
Additionally, the project is anticipated to catalyse local economic growth by generating employment opportunities during the construction and operational phases, stimulating local supply chains, and attracting international events that will enhance Uganda’s global visibility.
Significance of the 2027 AFCON Games
The 2027 AFCON games will mark the first time the continental tournament will be hosted in East Africa since 1976. This milestone underscores the growing importance of the region in the world of football and highlights the potential for increased investment and development in East African countries.
The Akii Bua Olympic Stadium is not just a sports venue but a symbol of progress, unity, and economic opportunity. With the backing of Afreximbank and the expertise of SAMCO, the project represents a significant step forward in the development of sports infrastructure across Africa.