Uganda has inked a deal with Saudi Arabia’s Islamic Development Bank (IDB) for a substantial $295 million loan designated for infrastructural projects like road construction as well as other projects, confirmed the country’s finance minister on Tuesday.
The country’s ministry confirmed that the allocated funds are slated to finance various projects, including the construction of a bridge spanning the River Nile in northwest Uganda and the development of roads spanning a total distance of 105 kilometers.
The loan agreement was formalized during the Ugandan Finance Minister, Matia Kasaija’s meeting with IDB president Muhammad Al Jassar in Riyadh, the capital of Saudi Arabia. Kasaija shared this development via a post on the social media platform X.
Traditionally, the World Bank has been Uganda’s primary external financier. However, following the enactment of stringent anti-homosexuality legislation, the World Bank suspended new loan disbursements to the country, prompting Uganda to seek alternative funding avenues to meet its developmental needs.
Melissa Enoch
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