Baku: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer, has extended its support for the Akii-Bua Olympic Stadium project in Uganda. The insurance backing was formalized during the IsDB Group 2026 Annual Meetings held in Baku, Azerbaijan.According to African Press Organization, ICIEC's support was provided through a Specific Transaction Policy (STP) to SAMCO National Construction Company of Egypt. The insurance covers a supplier credit facility, with a total contract value of approximately USD 130 million, of which USD 65 million is insured. The coverage level stands at 90%, safeguarding against the non-honouring of a Ministry of Finance guarantee issued by the Government of Uganda.The Akii-Bua Olympic Stadium is a significant step in Uganda's initiative to enhance its national sports infrastructure. Situated in Lira City, the stadium aims to boost youth athletics, foster community engagement in sports, and p romote healthier lifestyles.The construction phase is anticipated to generate employment and increase the demand for local resources. On completion, the stadium is expected to stimulate economic growth in the region by hosting sporting events and attracting tourism and commercial services, further aiding urban development in Lira and its environs.Dr. Khalid Khalafalla, CEO of ICIEC, emphasized the project's importance, stating, "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."
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