Browsing: 2024 Islamic Development Bank Group Annual Meetings

Saudi Islamic Development Bank Group
  • The funding is designated for the construction of a bridge spanning the River Nile in northwest Uganda and the enhancement of roads stretching over 105 kilometers.
  • Uganda has encountered obstacles in accessing financial support from international institutions like the World Bank, primarily due to policy differences.
  • The loan holds the potential to stimulate job creation, foster entrepreneurship, and spur innovation

Uganda has finalized an agreement with the Saudi Islamic Development Bank (IDB), securing a $295 million loan to bolster infrastructure development, particularly road construction projects across the country. This landmark agreement, signed by Uganda’s Finance Minister, Matia Kasaija, and IDB President Muhammad Al Jassar in Riyadh, underscores Uganda’s strategic shift towards diversifying its sources of external funding amidst ongoing negotiations with traditional lenders such as the World Bank.

The financing agreement, which was formalized during Minister Kasaija’s attendance at the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, marks …