Afreximbank Backs Major African Contractor With Landmark Stadium Investment
African Export Import Bank (Afreximbank) has stepped in with a US$36.4 million contract financing facility supporting Egypt’s SAMCO National Construction Company as it takes on the development of the Akii Bua Olympic Stadium in Lira, Uganda. The move reinforces Afreximbank’s longstanding commitment to strengthening African engineering, procurement and construction capacity, encouraging homegrown firms to deliver large, strategic projects across the continent.
The financing agreement, signed in Cairo on 29 October, sits under the Bank’s Engineering, Procurement and Construction programme. The facility is tailored to help African EPC firms win competitive tenders and execute complex infrastructure developments. In this case, funding will support SAMCO’s design, construction, project management and the procurement of critical components for the new multipurpose stadium.
Mrs Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank, signed on behalf of the institution, with Engineer Sameh Soliman, Chairman of SAMCO, representing his company.
A Strategic Boost for Regional Sports Infrastructure
The Akii Bua Olympic Stadium is one of Uganda’s flagship infrastructure commitments as it prepares to co-host the 2027 Africa Cup of Nations (AFCON) alongside Kenya and Tanzania. The venue is expected to stage several tournament fixtures, placing Lira on a continental stage and accelerating wider investment into the region.
Uganda’s hosting responsibilities have triggered a broader infrastructure agenda covering stadium development, transport improvements and hospitality upgrades. The government has already identified major construction and rehabilitation projects to meet the Confederation of African Football standards, encouraging domestic and foreign firms to invest in complementary developments such as training grounds, accommodation and digital connectivity.
Afreximbank’s Commitment to African Development
Mrs Awani described the facility as a demonstration of Afreximbank’s determination to level the playing field for African contractors: “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.”
Her remarks underline a growing focus on sport-led development across the continent. Afreximbank has been scaling up involvement in cultural, creative and sports infrastructure as part of wider socioeconomic strategies that use major events as catalysts for investment, job creation and regional integration.
SAMCO’s Continental Growth Ambitions
SAMCO’s Chairman, Engineer Sameh Soliman, emphasised the importance of the partnership as the company expands its footprint across Africa: “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.”
SAMCO has increasingly positioned itself among the continent’s rising EPC players, competing for work across transport, housing and civic infrastructure. The Akii Bua Stadium project strengthens its credentials in a sector where major contract opportunities are emerging through government-backed initiatives and multi-country funding models.
Economic Impact and Local Supply Chains
The stadium’s development is expected to bring considerable economic benefits to Lira and the surrounding region. Construction phases typically stimulate local procurement of materials, transport, logistics and support services. Once operational, the venue will generate permanent employment across management, security, maintenance and hospitality.
International sporting events often create knock-on effects that extend well beyond immediate construction activity. In this case, Lira may see increased investment in hotels, road improvements, telecoms upgrades and visitor services. Similar projects across Africa have demonstrated how targeted sports infrastructure can ignite long-term growth in tourism and small business activity.
Uganda’s Wider Infrastructure Pipeline
Uganda has been expanding its national infrastructure portfolio in preparation for hosting duties and broader economic aspirations. Beyond sports developments, the country has outlined major investments across road construction, energy expansion, rail modernisation and industrial zones.
Projects such as the Kampala-Jinja Expressway, the Standard Gauge Railway revival plans and new hydropower schemes are part of a national strategy to unlock regional connectivity and support long-term trade growth. Stadium upgrades for AFCON sit within this broader push to strengthen the nation’s international profile and improve the quality of its public infrastructure.
Trends in Africa’s EPC and Construction Markets
Afreximbank’s EPC initiative arrives at a time when African contractors are gaining confidence and capacity to compete with long-established international firms. Growing access to financing, stronger regulatory frameworks and enhanced design and engineering capabilities have shifted the competitive landscape.
Many African governments are also prioritising local content, awarding more contracts to domestic or regional firms. This helps retain capital within African economies and develops skills across the workforce. With the continent expected to continue rapid urbanisation over the coming decades, demand for transport, housing, energy and sports facilities will remain robust.
AFCON 2027 and Regional Cooperation
The 2027 AFCON tournament marks the first time the event will take place in East Africa since 1976. The joint hosting arrangement between Uganda, Kenya and Tanzania offers a powerful example of regional cooperation, strengthening shared infrastructure goals and enhancing the region’s visibility.
Large events of this scale tend to require coordinated investment in stadiums, airports, roads and public services. The three countries have already signalled their commitment to meeting CAF’s requirements, opening multiple opportunities for EPC firms across the region, including cross-border collaborations in construction, engineering and supply-chain development.
A Forward-Looking Step for African Construction
The financing facility extended to SAMCO provides more than project support. It reinforces Afreximbank’s broader vision for a self-sustaining construction ecosystem driven by African capability. With Uganda preparing to host one of the continent’s most prominent sporting events, the investment arrives at a pivotal moment, positioning regional contractors to step confidently into continental competition.
