The African Export-Import Bank (Afreximbank) has approved a US$36.4 million contract financing facility for Egypt’s SAMCO-National Construction Company (SAMCO) to build the Akii Bua Olympic Stadium in Lira, Uganda.
The state-of-the-art stadium, named after Uganda’s Olympic gold medallist John Akii-Bua, is set to host some of the 2027 Africa Cup of Nations (AFCON) matches. Uganda will co-host the tournament with Kenya and Tanzania in a joint East African bid, marking the first time the region will host the continental championship since 1976.
The financing facility, extended under Afreximbank’s Engineering, Procurement and Construction (EPC) programme, will enable SAMCO to design, construct, and develop the stadium, as well as procure essential materials for the project’s successful execution. The EPC initiative is designed to empower African construction firms to compete for and deliver major infrastructure projects across the continent.
The agreement was signed in Cairo on 29 October by Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, and Engineer Sameh Soliman, Chairman of SAMCO.
Mrs Awani said the deal underscores Afreximbank’s commitment to strengthening African capacity in delivering complex 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). 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.
Engineer Soliman described the collaboration as a milestone in SAMCO’s continental expansion.
“We value Afreximbank’s partnership and support in this landmark project. This collaboration reinforces our strategic commitment to expanding our presence across Africa and strengthening our role in delivering impactful infrastructure solutions. We look forward to a long-term and mutually beneficial relationship with the Bank, driving growth and sustainable development across the continent,” he said.
The Akii Bua Olympic Stadium project is expected to boost Uganda’s sports and infrastructure agenda, promote youth engagement, and foster tourism and regional integration. It will also generate employment opportunities during construction and operation, stimulate local supply chains, and enhance Uganda’s capacity to host CAF- and FIFA-sanctioned events.
By supporting SAMCO’s expansion into Uganda, Afreximbank is further consolidating the company’s reputation as a leading African contractor capable of delivering large-scale, government-backed infrastructure projects that drive economic growth across the continent.
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