The SGR project was discussed during the IMF and World Bank meetings in Washington,, DC. Photo Credit: Uganda Ministry of Finance
Citibank appointed as lead arranger for €2.7bn project. The Ugandan government has appointed Citibank as lead arranger to mobilise funding for its €2.7bn project to build a new 1435-mm gauge electrified line from Kampala to the Kenyan border, the first phase of its Standard Gauge Railway (SGR) programme.
The appointment was announced on April 16 by Finance Ministry permanent secretary, Ramathan Ggoobi, during a meeting of the finance ministers of Uganda, Kenya and Rwanda held in Washington, DC, alongside the IMF and World Bank spring meetings.
The Ugandan delegation met with Citibank executives, including global head of export and agency finance, Richard Hodder, to discuss progress on securing funding for the project.
Uganda is also in talks with the World Bank, which has said it is considering a range of potential financing options for the SGR, seen as key to improving regional connectivity, lowering freight costs and boosting trade competitiveness. The 272km line to Malaba on the Kenyan border will connect landlocked Uganda to Kenya’s SGR network and the Indian Ocean port of Mombasa.
A contract to build the Kampala - Malaba line was originally awarded in 2015 to China Harbour Engineering Company (CHEC) on condition that Chinese state financing was secured. The $US 2.3bn deal was cancelled in January 2023 after prolonged delays.
A new contract was signed in October 2024 with Turkish civil works contractor Yapi Merkezi. Initial preparatory works have begun with government funding, but full construction depends on securing a full financing package.
THE Ugandan government has appointed Citibank as lead arranger to mobilise funding for its €2.7bn project to build a new 1435-mm gauge electrified line from Kampala to the Kenyan border, the first phase of its Standard Gauge Railway (SGR) programme.
The appointment was announced on April 16 by Finance Ministry permanent secretary, Ramathan Ggoobi, during a meeting of the finance ministers of Uganda, Kenya and Rwanda held in Washington, DC, alongside the IMF and World Bank spring meetings.
The Ugandan delegation met with Citibank executives, including global head of export and agency finance, Richard Hodder, to discuss progress on securing funding for the project.
Uganda is also in talks with the World Bank, which has said it is considering a range of potential financing options for the SGR, seen as key to improving regional connectivity, lowering freight costs and boosting trade competitiveness. The 272km line to Malaba on the Kenyan border will connect landlocked Uganda to Kenya’s SGR network and the Indian Ocean port of Mombasa.
A contract to build the Kampala - Malaba line was originally awarded in 2015 to China Harbour Engineering Company (CHEC) on condition that Chinese state financing was secured. The $US 2.3bn deal was cancelled in January 2023 after prolonged delays.
A new contract was signed in October 2024 with Turkish civil works contractor Yapi Merkezi. Initial preparatory works have begun with government funding, but full construction depends on securing a full financing package. IRJ