By KT Reporter
The African Export-Import Bank (Afreximbank) has extended a USD 36.4 million (UGX 127.3 billion) contract financing facility to Egypt’s SAMCO (National Construction Company) for the construction of the Akii Bua Olympic Stadium in Uganda. Located in Lira, the Akii Bua Stadium is expected to host several matches of the 2027 Africa Cup of Nations (AFCON), which Uganda will co-host with its East African neighbors Kenya and Tanzania.
The USD 36.4 million facility was granted under Afreximbank’s Engineering, Procurement, and Construction (EPC) programme, which supports African EPC companies in bidding for large-scale contracts across the continent. The funding will support SAMCO in the design, construction, and development of the stadium, including the acquisition of essential components for the successful execution of the project.
Following the signing, Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank, said the deal underscored the bank’s commitment to strengthening local capacity in executing large-scale and complex infrastructure projects.
“We are pleased to finance the construction of a state-of-the-art stadium, aligning with our sports and creative strategy in Uganda,” Awani said. “Through this initiative, we aim to foster sustainable economic growth, enhance regional infrastructure, and facilitate the hosting of CAF- and FIFA-approved sports events that will contribute to Uganda’s social and economic development.”
The stadium, planned to seat 20,000 spectators, is expected to cost a total of UGX 470 billion (USD 129 million). Engineer Sameh Soliman, Chairman of SAMCO, said: “This collaboration reinforces our strategic commitment to expanding our presence across Africa and strengthening our role in delivering impactful infrastructure solutions. We look forward to a long-term, mutually beneficial relationship with Afreximbank, driving growth and sustainable development across the continent.”
The development of the Akii Bua Olympic Stadium is expected to significantly promote sports in Uganda, enhance regional integration and tourism in East Africa, and support broader infrastructure development. Once completed, it will bolster the government’s sports and infrastructure agenda, increasing Uganda’s capacity to host CAF- and FIFA-approved events, while fostering national pride, youth engagement, and economic diversification.
The project will also consolidate SAMCO’s position as a leading African contractor capable of executing large-scale, government-backed projects across the continent, while the financing facility will support its expansion into other African markets. Additionally, the project is anticipated to stimulate local economic growth by creating employment opportunities during construction and operation, strengthening local supply chains, and attracting international events that will raise Uganda’s global profile.
The 2027 AFCON games will mark the first time the continental tournament is hosted in East Africa since 1976. The new stadium will be an upgrade of the existing Akii Bua Stadium, named after the late John Akii-Bua, a native of Uganda who won the gold medal in the 400 metres hurdles at the 1972 Summer Olympics with a then-world record time of 47.82 seconds.
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