The Islamic Corporation for the Insurance of Investment and
Export Credit (ICIEC), a Shariah-based multilateral credit and
political risk insurer and member of the Islamic Development Bank
Group, has provided insurance support for the construction of the
Akii-Bua Olympic Stadium in Uganda. The transaction was signed on
the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku,
Azerbaijan, from 16 to 19 June 2026.
ICIEC’s support was provided through a Specific Transaction
Policy (STP) extended to SAMCO National Construction Company of
Egypt covering a supplier credit facility. The project has a total
contract value of approximately USD 130 million, with an insured
amount of USD 65 million and a coverage level of 90% against the
non-honouring of a Ministry of Finance guarantee issued by the
Government of Uganda.
The Akii-Bua Olympic Stadium is part of Uganda’s efforts to
strengthen national sports infrastructure and expand its capacity
to host regional and international sporting events. Located in Lira
City, the project is expected to support youth athletics, promote
community participation in sports, and contribute to healthier
lifestyles.
During construction, the project is expected to create
employment opportunities and increase demand for local materials
and services. In the longer term, the stadium is expected to
stimulate regional economic activity by attracting sporting events,
tourism, and related commercial services, while supporting urban
development in Lira and surrounding areas.
Commenting on the transaction, Dr. Khalid Khalafalla, Chief
Executive Officer of ICIEC, said: “This project demonstrates
how well-structured risk mitigation can help deliver social
infrastructure with lasting development value. 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.”
