KAMPALA, November 7, 2025 — African Export-import Bank [Afreximbank] has extended a US$ 36.4-million [approximately Shs 127.4 billion] contract financing facility to Egypt’s SAMCO-National Construction Company [SAMCO] for the construction of the Akii Bua Olympic Stadium in Uganda.
The Akii Bua Olympic Stadium, located in Lira City is expected to host some of the 2027 Africa Cup of Nations [AFCON] games which Uganda is co-hosting with its East African neighbours Kenya and Tanzania in a joint bid.
The US$ 36.4-million facility, granted under Afreximbank’s Engineering, Procurement and Construction [EPC] programme, which supports African EPC companies to bid for large-scale contracts in African countries, is expected to be used to finance and support SAMCO in the design, construction and development of the stadium project and in the acquisition of essential components required for the successful execution of the project.
Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development at Afreximbank signed the facility agreement on behalf of Afreximbank during a ceremony held in Cairo on 29 October while Engineer Sameh Soliman, Chairman of SAMCO, signed for his company.
Commenting on the facility, Awani, said that the deal reflected Afreximbank’s deep commitment to empowering local capacity in the execution of large-scale and complex infrastructure developments.
“We are pleased to support an African EPC company as part of Afreximbank’s EPC initiative, and to finance the construction of a state-of-the-art stadium, further aligning with our creative / sports strategy in one of our member countries [Uganda]. 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 advancement,” stated Mrs. Awani.
On his part, Eng. Sameh Soliman, Chairman of SAMCO, said: “We value Afreximbank’s partnership and support in this landmark project. 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 and mutually beneficial relationship with the Bank, driving growth and sustainable development across the continent.”
The development of the Akii Bua Olympic Stadium is expected to greatly promote sports in Uganda and to engender regional integration and tourism in East Africa while supporting infrastructure development. It will also strengthen the government’s sports and infrastructure agenda, enhancing the country’s capacity to host CAF- and FIFA-approved events and contributing to national pride, youth engagement and economic diversification.
The project will help consolidate SAMCO’s position as a leading African contractor capable of executing large-scale, government-backed projects across the continent. The financing facility supports SAMCO in expanding its operations across Africa.
Additionally, the project is anticipated to catalyse local economic growth by generating employment opportunities during the construction and operational phases, stimulating local supply chains and attracting international events that will enhance Uganda’s global visibility.
The construction cost for the stadium is US$ 129 million [approximately Shs 470 billion]. The project, which began in late 2024, is scheduled for completion within 20 months. The stadium is named after sports hero, the late John Akii Bua who became the first Ugandan Olympic gold medalist when he won the 400 metres hurdle title at 1972 Munich Games.
https://thecooperator.news/akii-bua-stadium-construction-starts-in-lira-city/
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