ICIEC provides US$65mln insurance backing for Akii-Bua Olympic Stadium
The Akii-Bua Olympic Stadium project has a total contract value of approximately US$130 million, with ICIEC insuring US$ 65 million at a coverage level of 90 per cent against the non-honouring of a Ministry of Finance guarantee issued by the Government of Uganda
KAMPALA, June 22, 2026 — The Islamic Corporation for the Insurance of Investment and Export Credit [ICIEC], a Shariah-compliant multilateral insurer and member of the Islamic Development Bank [IsDB], has provided insurance support worth US$ 65 million [about Shs 234 billion] for the construction of Uganda’s Akii-Bua Olympic Stadium.
The agreement was signed on the sidelines of the IsDB Group 2026 Annual Meetings held in Baku, Azerbaijan, from June 16 to 19.
ICIEC’s support was extended through a Specific Transaction Policy [STP] to Egypt’s SAMCO National Construction Company, covering a supplier credit facility linked to the project.
The Akii-Bua Olympic Stadium project has a total contract value of approximately US$130mln, with ICIEC insuring US$ 65mln at a coverage level of 90 per cent against the non-honouring of a Ministry of Finance guarantee issued by the Government of Uganda.
The stadium, being constructed in Lira City, forms part of Uganda’s broader strategy to strengthen national sports infrastructure and expand its capacity to host regional and international sporting events.
Officials say the project is expected to support youth athletics, increase community participation in sport and promote healthier lifestyles.
Beyond its sporting role, the project is anticipated to generate employment opportunities during construction and stimulate demand for locally sourced materials and services.
In the longer term, the stadium is expected to boost regional economic activity through increased sporting events, tourism and related commercial services, while contributing to urban growth and development in Lira and surrounding areas.
Commenting on the transaction, ICIEC Chief Executive Officer Dr Khalid Khalafalla said the project demonstrated the role of risk mitigation in enabling infrastructure development.
“This project demonstrates how well-structured risk mitigation can help deliver social infrastructure with lasting development value,” Khalafalla said.
“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 stadium is named after the late John Akii-Bua, a Ugandan hurdler and the first Olympic champion from Uganda.
https://thecooperator.news/akii-bua-stadium-construction-starts-in-lira-city/
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