ICIEC Backs Uganda’s Akii-Bua Olympic Stadium Project with $65 Million Cover
ICIEC has extended $65 million insurance support for Uganda’s Akii-Bua Olympic Stadium, strengthening sports infrastructure and long-term development goals.
Uganda’s ambitions to strengthen its sports infrastructure received a significant boost after the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) approved $65 million in insurance cover for the construction of the Akii-Bua Olympic Stadium in Lira City. The goal of the $130 million project is to increase the ability of the country to hold international and regional sports events and achieve more cross-socioeconomic improvements.
The construction support agreement was signed at the Islamic Development Bank Group’s 2026 Annual Meetings in Baku, Azerbaijan, providing an opportunity for structured finance for SAMCO National Construction Company (Egypt).
Major Sports Infrastructure Push in Northern Uganda
The construction of the Akii-Bua Olympic Stadium is part of Uganda’s long term plan to improve sports infrastructure and increase the appeal of the country as a competitive sports destination in Africa.
ICIEC’s insurance cover provides 90 per cent protection against the non-honouring of a Ministry of Finance guarantee (Government of Uganda), thereby helping the project execute and boost the investors’ confidence.
The stadium is beyond its sporting purpose of engaging the youth and the community in sports and improving their health and fitness.
“We Are Supporting a Project That Serves Communities” — ICIEC
ICIEC Chief Executive Officer Khalid Khalafalla said the stadium represents a model for how well-structured financial support can deliver long-term development outcomes.
“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.”
Can Sports Infrastructure Drive Long-Term Regional Growth?
Sportscape believes that modern stadium construction has evolved so that today’s stadiums can be multi-purpose assets, not only sport facilities. The Akii-Bua Olympic Stadium integrates infrastructure development with the ability to generate employment, and grow tourism and the economy of Northern Uganda. If this project is implemented as planned, it will show the value of strategically expanding a country’s sporting infrastructure to promote and engage in broad social and economic development.
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