Uganda Secures $800 Million for Key Infrastructure Projects

Uganda has signed a groundbreaking $800 million agreement with the Islamic Development Bank to fund infrastructure projects aimed at boosting trade and development. This strategic move includes a planned railway connection, which is set to link Uganda to Kenya's Standard Gauge Railway, enhancing access to the Indian Ocean port of Mombasa.

In addition to the railway, the three-year financing deal will support various projects across health, transport, and energy infrastructure. These initiatives are expected to significantly contribute to Uganda's economic growth by improving essential services and connectivity.

The agreement was formally concluded by Ramathan Ggoobi, the highest-ranking technocrat in Uganda's finance ministry, and the Islamic Development Bank's Vice President, Rami Ahmed. The signing took place during the bank's annual meeting in Algiers, as announced by the ministry on social media platform X late Wednesday.

(With inputs from agencies.)