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.
The report distributed by the APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), stated that during construction, the project is expected to create employment opportunities and increase demand for local materials and services.
It added that 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.”
GIK/APA