The construction of the Akii-Bua Olympic Stadium in Lira City has secured insurance support worth Shs236 billion from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
The financing support was secured through a Specific Transaction Policy (STP) extended to SAMCO National Construction Company of Egypt, the contractor implementing the project, to cover a supplier credit facility.
The agreement was signed on the sidelines of the Islamic Development Bank (IsDB) Group 2026 Annual Meetings held in Baku, Azerbaijan.
The project has a total contract value of about Shs472 billion, with ICIEC providing 90 percent coverage against the risk of non-honouring of a Ministry of Finance guarantee issued by the Government of Uganda.
The Akii-Bua Olympic Stadium is part of Uganda’s efforts to expand sports infrastructure and increase the country’s capacity to host regional and international competitions.
The 20,000-capacity multi-sport facility, located in Lira City, is a designated venue and training camp hub for the 2027 Africa Cup of Nations (AFCON), which will be co-hosted by Uganda, Kenya, and Tanzania.
By Kawowo Sports
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