African Export-import Bank (Afreximbank) has extended a $36.4-million 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, Uganda, 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 financing, 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 October 29, while Engineer Sameh Soliman, Chairman of SAMCO, signed for his company.

Awani said 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  Awani. - TradeArabia News Service