Finance Ministry Signs Financing Agreement with Islamic Bank for National Roads Upgrade

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Β The Ministry of Finance has signed a financing agreement of over UGX one trillion (USD 295 million) with The Islamic Development Bank for the upgrading of national roads.

Matia Kasaija, the Minister of Finance, Planning and Economic Development, while attending the 2024 Islamic Development Bank Group Annual Meeting, on April 29, 2024, in Saudi Arabia said that the money will be used in the construction of Masindi-Port Bridge where the ferry crosses river Nile and connects to Renkunye-Apac-Lira road.

Kasaija added that the Kyenjojo-Kihura-Bwizi-Rwamwanja-Kahunge (68km) and Mparo-Bwizi (37km) road which connects Kamwenge town to Kampala-Fort Portal highway will also be covered in this agreement.

The Minister appreciated the Islamic Bank for its cooperation with the Government of Uganda and also for starting a regional center in Kampala.

During the meeting, Kasaija also signed a framework agreement with the Islamic Trade Finance Corporation (ITFC) arm of the Bank with the aim to facilitate trade in Uganda.

On December 13, 2023, during the plenary sitting chaired by the Speaker of Parliament, Anita Among, the Parliament approved the USD 295 million loan from the Islamic Development Bank and a USD 30 million OPEC Fund for International Development.

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