The government of Uganda has acquired a loan worth $295 million (about Shs1.125 trillion) from the Islamic Development Bank for the renovation of national roads.
Finance Minister Matia Kasaija, who is attending the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, Saudi Arabia, on Monday signed a financing agreement with the Bank President, Dr Muhammad Al Jassar.
This funding will go towards the construction of Masindi-Port Bridge where the ferry crosses the River Nile and connects to Renkunye-Apac-Lira road.
The other road project is Kyenjojo-Kihura-Bwizi-Rwamwanja-Kahunge(68km)/Mparo-Bwizi (37km) road which connects Kamwenge town to Kampala Fort Portal highway.
Kasaija extended gratitude to the Islamic Development Bank for the cordial cooperation that exists with Uganda and also appreciated the bank for establishing a regional hub in Kampala.
“I want to affirm that we shall fulfill our obligations under the agreement,” he said.
The Islamic Development Bank is the 3rd largest multilateral donor to Uganda contributing over 20% support in areas of roads, energy and education.
Kasaija also signed a framework agreement with the Islamic Trade Finance Corporation (ITFC), an arm of the bank, to facilitate trade in Uganda.
