Islamic Bank Group Insures Akii-Bua Stadium Project

The construction of the Akii-Bua Olympic Stadium in Lira City has secured USD 65 million in insurance support (about 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 USD 130 million (approximately Shs 472 billion), with ICIEC providing 90 percent coverage against the risk of non-honor 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.

The stadium is being constructed by SAMCO National Construction Company and is expected to be completed by early 2027. The project is expected to create employment opportunities during construction, increase demand for local materials and services, and, in the long term, boost economic activity through sports tourism, commercial services, and urban development in Northern Uganda.

Dr. Khalid Khalafalla, the Chief Executive Officer of ICIEC, said the project demonstrates how risk mitigation can support delivery of social infrastructure with long-term development benefits. “By supporting the Akii-Bua Olympic Stadium, ICIEC is contributing to a project that will serve communities, empower young people, and create new opportunities for economic activity in Northern Uganda,” he said.