The Islamic Development Bank’s (IsDB) executive board has approved a €650.7m (R12.28bn) loan to Uganda to help finance its standard gauge railway project, the finance ministry said late on Friday.
Uganda is raising funds for the €2.7bn (R50.93bn) project, which has already won backing from lenders including the World Bank and the African Development Bank.
It has appointed Citibank to help mobilise financing.
Construction of the railway, which began in 2024, is being carried out by Turkish firm Yapi Merkezi.
The IsDB is one of Uganda’s biggest sources of external financing and, at the end of May, had projects in the East African country worth $896.5m (R14.73bn), government data show.
The 272km line will link landlocked Uganda to Kenya’s rail network, providing access to the Indian Ocean port of Mombasa, through which Uganda imports most of its goods.
Reuters
Kenya and Japan have unveiled a new Ksh22 billion financial facility primarily aimed at rapidly…
The fight, held at the Sarit Expo Centre on June 20, 2026, ended in the…
The Supreme Court of Kenya has found the Minister of Health, Aden Duale, guilty of…
Budget briefcase displayed. [Boniface Okendo, Standard] Let’s cut to the chase. 2027 messaging might…
AFCON 2027, co-hosted by Kenya, Tanzania and Uganda, is set to be a historic 24-team…
Owning a home has become a money pit, according to a new report — with…