Trending
- Zanzibar’s growing bet on seaweed: A fix for the island’s economic diversification?
- Africa-Indonesia investment forum poised to yield $3.5Bn worth of deals
- Can Africa’s fragmented voice find unity at COP29 climate finance talks?
- Relief for DRC: 100,000 mpox vaccines to shield at-risk populations
- Inside the multibillion-dollar pacts African leaders inked with China
- Abu Dhabi gears up for AIM Congress 2025, projects to host over 25,000 participants
- New era in Nigeria energy sector as $20Bn Dangote refinery starts petrol production
- Base Titanium’s December exit: A body blow to Kenya’s struggling mining sector?
Browsing: Saudi Islamic Development Bank
- 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 …