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TimesLIVE
22-05-2025
- Business
- TimesLIVE
Uganda signs $800m financing deal with Islamic Development Bank
Uganda has signed a $800m (R18.39bn) financing agreement with the Islamic Development Bank to support projects, including a planned railway, that aim to boost the landlocked east African country's trade, its finance ministry said. The railway will connect to neighbouring Kenya's Standard Gauge Railway and on to the Indian Ocean port of Mombasa. Other projects to be financed under the three-year deal will be in sectors such as health, transport and energy infrastructure. The agreement was signed by Ramathan Ggoobi, the finance ministry's most senior technocrat, and the bank's vice-president Rami Ahmed at the Saudi Arabia-headquartered development bank's annual meeting in Algiers, the ministry said on X late on Wednesday
Reuters
22-05-2025
- Business
- Reuters
Uganda signs $800 million financing deal with Islamic Development Bank
KAMPALA, May 22 (Reuters) - Uganda has signed a $800 million financing agreement with the Islamic Development Bank to support projects, including a planned railway, that aim to boost the landlocked east African country's trade, its finance ministry said. The railway will connect to neighbouring Kenya's Standard Gauge Railway and on to the Indian Ocean port of Mombasa. Other projects to be financed under the three-year deal will be in sectors such as health, transport and energy infrastructure. The agreement was signed by Ramathan Ggoobi, the finance ministry's most senior technocrat, and the bank's Vice President Rami Ahmed at the Saudi Arabia-headquartered development bank's annual meeting in Algiers, the ministry said on X late on Wednesday.
