Kasaija Signs roads Financing Agreement with Islamic Development Bank

KASAIJA SIGNS ROADS FINANCING AGREEMENT WITH ISLAMIC DEVELOPMENT BANK

Finance Minister Matia Kasaija attended the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, Saudi Arabia (27-30 April,2024) where he signed a financing agreement with the President of Islamic Development Bank Group H.E Dr Muhammad Al Jassar worth USD 295 million for upgrading of national roads.

This funding will go towards construction of Masindi-Port Bridge where the ferry crosses river Nile and connects to Renkunye-Apac-Lira road.

The other road project is Kyenjojo-Kihura-Bwizi-Rwamwanja-Kahunge(68km)/Mparo-Bwizi (37km) road which connects Kamwenge town to Kampala Fort Portal highway.

Kasaija on behalf of the government of Uganda extended gratitude to Islamic Development Bank for the cordial cooperation that exists with the government of Uganda and also appreciated Islamic Development Bank for establishing a regional hub in Kampala.

"I want to affirm that we shall fulfil our obligations under the agreement," said Kasaija.

Islamic Development Bank is the 3rd largest multilateral donor to Uganda contributing over 20% support in areas of roads, energy & education especially in the area of skills development.

The Finance Minister also signed a framework agreement with the Islamic Trade Finance Corporation (ITFC) arm of Islamic Development Bank Group to facilitate trade in Uganda.