Uganda has secured an $800 million financing deal with the Islamic Development Bank to fund key infrastructure projects, including a planned railway, aimed at enhancing trade and improving connectivity for the landlocked nation, according to the finance ministry.
According to theeastafrican, 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.
