ICIEC Backs Uganda Olympic Stadium Project with USD 65 Million Cover

22 Jun 2026 CW Team

The agreement was signed on the sidelines of the IsDB Group 2026 Annual Meetings held in Baku, Azerbaijan, from 16 to 19 June 2026. ICIEC provided support through a Specific Transaction Policy (STP) issued to Egypt-based SAMCO National Construction Company, covering a supplier credit facility.

The stadium project has a total contract value of approximately USD 130 million, with ICIEC providing insurance cover of USD 65 million. The policy offers 90 per cent coverage against the non-honouring of a Ministry of Finance guarantee issued by the Government of Uganda.

Located in Lira City, the Akii-Bua Olympic Stadium forms part of Uganda's broader efforts to strengthen sports infrastructure and enhance its capacity to host regional and international sporting events. The project is expected to support youth development, encourage greater community participation in sports and promote healthier lifestyles.

Beyond sports development, the project is anticipated to generate employment during the construction phase and create demand for local materials and services. Over the longer term, the stadium is expected to stimulate economic activity through increased tourism, sporting events and related commercial services, while contributing to urban development in Northern Uganda.

"This project demonstrates how well-structured risk mitigation can help deliver social infrastructure with lasting development value," said Khalid Khalafalla, Chief Executive Officer, ICIEC. "By supporting the Akii-Bua Olympic Stadium, ICIEC is contributing to a project that will serve communities, empower young people and create new opportunities for economic activity in Northern Uganda."

The transaction reflects ICIEC's continued focus on supporting infrastructure projects that contribute to socio-economic development across member countries.

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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, has extended insurance support for the construction of the Akii-Bua Olympic Stadium in Uganda.The agreement was signed on the sidelines of the IsDB Group 2026 Annual Meetings held in Baku, Azerbaijan, from 16 to 19 June 2026. ICIEC provided support through a Specific Transaction Policy (STP) issued to Egypt-based SAMCO National Construction Company, covering a supplier credit facility.The stadium project has a total contract value of approximately USD 130 million, with ICIEC providing insurance cover of USD 65 million. The policy offers 90 per cent coverage against the non-honouring of a Ministry of Finance guarantee issued by the Government of Uganda.Located in Lira City, the Akii-Bua Olympic Stadium forms part of Uganda's broader efforts to strengthen sports infrastructure and enhance its capacity to host regional and international sporting events. The project is expected to support youth development, encourage greater community participation in sports and promote healthier lifestyles.Beyond sports development, the project is anticipated to generate employment during the construction phase and create demand for local materials and services. Over the longer term, the stadium is expected to stimulate economic activity through increased tourism, sporting events and related commercial services, while contributing to urban development in Northern Uganda.This project demonstrates how well-structured risk mitigation can help deliver social infrastructure with lasting development value, said Khalid Khalafalla, Chief Executive Officer, ICIEC. By supporting the Akii-Bua Olympic Stadium, ICIEC is contributing to a project that will serve communities, empower young people and create new opportunities for economic activity in Northern Uganda.The transaction reflects ICIEC's continued focus on supporting infrastructure projects that contribute to socio-economic development across member countries.

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