Afreximbank extends $36.4M funding to Egyptian firm SAMCO for Uganda’s Olympic stadium

By: ThinkBusiness Africa

The African Export-Import Bank (Afreximbank) has on Monday finalized a significant contract financing agreement, extending a US$36.4 million facility to Egypt’s SAMCO-National Construction Company (SAMCO), for the design, construction, and development of the new Akii Bua Olympic Stadium in Lira, Uganda, a crucial venue for the upcoming 2027 Africa Cup of Nations (AFCON).

The Akii Bua Olympic Stadium is a key component of Uganda’s preparation to co-host the prestigious continental tournament alongside its East African neighbours, Kenya and Tanzania, in a joint bid that marks the return of AFCON to the region for the first time since 1976.

According to Afreximbank the US$36.4-million facility was granted under Afreximbank’s Engineering, Procurement and Construction (EPC) programme. This initiative is specifically designed to empower African EPC companies to successfully bid for and execute large-scale infrastructure contracts across the continent.

SAMCO will utilize the funds to acquire essential components and support the overall execution of the state-of-the-art stadium project.

Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, said the bank’s strategy is to foster local development and economic advancement through major infrastructure projects.

“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),” Mrs. Awani stated.

“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.” She said.

The development of the Akii Bua Olympic Stadium is anticipated to deliver significant multifaceted benefits. Beyond promoting sports in Uganda, the project is expected to engender regional integration and tourism across East Africa. It will also directly strengthen the Ugandan government’s sports and infrastructure agenda, enhancing the country’s capacity to host major continental and international events.

For the Egyptian contractor, SAMCO, the financing facility is instrumental in consolidating its position as a leading African firm capable of executing large-scale, government-backed projects across the continent.

The $36.4 million facility for the Akii Bua Stadium is not just project financing; it is a direct action supporting Afreximbank’s overarching mandate to stimulate intra-African trade and build self-reliance across the continent.

Historically, large-scale African infrastructure projects are often awarded to non-African firms, leading to capital flight and limited capacity development in local economies.