Uganda has appointed Citibank to mobilize the €2.7 billion ($3.19 billion) required for its Standard Gauge Railway. The Ministry of Finance announced the move on Thursday to secure project funding.
Officials met with Citibank executives in Washington during the IMF-World Bank Spring Meetings. The talks focused on progress in raising capital for the Malaba–Kampala section of the electrified rail.
The government is also negotiating with the World Bank for additional credit support. This multi-lender approach follows the 2023 collapse of previous funding arrangements with Chinese lenders for the project.
Turkish firm Yapı Merkezi is the lead contractor for the 272-kilometer line. While $83 million was released for initial works, heavy construction awaits the finalization of this debt package.
The railway will connect Kampala to the Kenyan border, linking Uganda to the Mombasa seaport. It is expected to carry 25 million tonnes of cargo annually and halve transport costs.
