Uganda’s Akii-Bua Olympic Stadium Project Receives USD 65m Insurance Cover

Friday 30th October 2026

By inAfrika Newsroom

The Akii-Bua Olympic Stadium project in Uganda secured USD 65 million in transaction insurance support announced in June 2026 by the Islamic Corporation for the Insurance of Investment and Export Credit, or ICIEC.

The arrangement was signed around the Islamic Development Bank Group annual meetings in Baku, Azerbaijan. ICIEC said its specific transaction policy was extended to Egypt’s SAMCO National Construction Company and covered a supplier-credit facility for the stadium project.

The overall construction contract was described as approximately USD 130 million, with an insured amount of USD 65 million. The policy was stated to cover 90% of specified risks associated with non-honouring of a Ministry of Finance guarantee.

That distinction matters: insurance cover protects against defined credit and political risks; it should not be confused with a direct USD 65 million grant or confirmation that the entire stadium construction cost has been paid.

The planned facility in Lira City forms part of Uganda’s effort to expand sports infrastructure and its capacity to host major competitions. Supporters of the project also point to potential construction employment, local supply contracts and wider hospitality activity.

Those additional benefits depend on how contractors buy materials, employ workers and manage the venue once completed. A stadium that hosts occasional competitions will require a separate operational plan for maintenance, security, utilities and regular events.

An insurance arrangement can make project financing more attractive by reducing a lender’s exposure to certain risks. It does not eliminate construction delays, operating costs or the need for effective government oversight.

The June release established the insurance structure and project ambition. Present-day completion, procurement and operational status would need fresh official confirmation before being described as achieved.

Original issuing organisation: ICIEC. This account reflects its 2026 announcement and distinguishes future plans from completed results.

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