https://en.sputniknews.africa/20240430/uganda-secures-295-million-financing-from-islamic-development-bank-for-road-upgrades-1066304261.html
Uganda Secures $295 Million Financing From Islamic Development Bank for Road Upgrades
Uganda Secures $295 Million Financing From Islamic Development Bank for Road Upgrades
Sputnik Africa
The Finance Ministry's announcement came after Minister Matia Kasaijahis attended the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, Saudi... 30.04.2024, Sputnik Africa
2024-04-30T18:12+0200
2024-04-30T18:12+0200
2024-04-30T18:12+0200
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Uganda has signed an agreement with Saudi Arabia's Islamic Development Bank for a $295 million loan to finance road construction and other projects, Uganda's Finance Minister Matia Kasaija said in a statement.A major portion of the funding will be allocated to the construction of the Masindi-Port Bridge, a critical infrastructure link spanning the River Nile, the ministry revealed.Two other road networks with a total length of 105 kilometers will also receive funding, the authorities added.The ministry also expressed gratitude to the IsDB for its continued cooperation with the Ugandan government and assured that Uganda is committed to fulfilling its obligations under the agreement.The government recalled that the Islamic Development Bank stands as Uganda's third-largest multilateral donor, providing vital support across various sectors, including roads, energy, and education, with contributions exceeding 20%.In addition to the road projects, Minister Kasaija signed a framework agreement with the Islamic Trade Finance Corporation, a subsidiary of the IsDB Group, to facilitate trade activities in Uganda.
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Uganda Secures $295 Million Financing From Islamic Development Bank for Road Upgrades
The Finance Ministry's announcement came after Minister Matia Kasaijahis attended the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, Saudi Arabia and met with the President of the Islamic Development Bank (IsDB), Muhammad Al Jassar.
Uganda has signed an agreement with Saudi Arabia's Islamic Development Bank for a $295 million loan to finance road construction and other projects, Uganda's Finance Minister Matia Kasaija said in a statement.
A major portion of the funding will be allocated
to the construction of the Masindi-Port Bridge, a critical infrastructure link spanning the River Nile, the ministry revealed.
Two other road networks with a total length of 105 kilometers will also receive funding, the authorities added.
The ministry also expressed gratitude to the IsDB for its continued cooperation with the Ugandan government and assured that Uganda is committed to fulfilling its obligations under the agreement.
The government recalled that the Islamic Development Bank stands as Uganda's third-largest multilateral donor, providing
vital support across various sectors, including roads, energy, and education, with contributions exceeding 20%.
In addition to the road projects, Minister Kasaija signed a framework agreement with the Islamic Trade Finance Corporation, a subsidiary of the IsDB Group, to facilitate trade activities in Uganda.
