Uganda has secured an $800 million deal with the Islamic Development Bank to fund key infrastructure projects aimed at boosting trade and connectivity. Central to the agreement is a new railway linking Uganda to Kenya’s Standard Gauge Railway and further to the port of Mombasa, providing the landlocked nation with better access to global markets. The three-year deal will also support developments in health, transport, and energy infrastructure. Signed during the bank’s annual meeting in Algiers by the permanent secretary of Uganda’s Ministry of Finance, Ramathan Ggoobi, and the bank’s VP Rami Ahmed, the agreement marks a major step in Uganda’s push for economic transformation. Officials hope it will accelerate regional integration and sustainable growth.
Reuters
