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Uganda has appointed Citibank to help mobilise funding for its planned Standard Gauge Railway (SGR) project, estimated at euro 2.7 billion (USD 3.19 billion). The government is also in discussions with the World Bank, which is evaluating multiple financing options. The project had faced delays after earlier attempts to secure funding from China did not succeed. Now assigned to Turkish firm Yapi Merkezi, initial groundwork has started with government support, while full construction is pending financial closure. The rail line is expected to improve regional connectivity by linking Uganda to Kenya's railway network and the port of Mombasa.
Uganda has appointed Citibank to mobilise financing for its planned Standard Gauge Railway (SGR) project, which is estimated to cost around euro 2.7 billion, equivalent to about USD 3.19 billion. The move comes as the government looks to secure funds for one of its key infrastructure projects aimed at improving regional connectivity. Advertisement
The finance ministry indicated through a recent update that Uganda is currently in discussions with the World Bank to support the project. The multilateral lender had earlier conveyed that it is evaluating a range of possible financing options, indicating that funding discussions are still at an exploratory stage.
A Ugandan delegation that travelled to Washington for the IMF and World Bank Spring Meetings held discussions with Citibank officials, led by Richard Hodder, managing director and global head of export and agency finance. The discussions focused on the progress made in mobilising the required funding for the railway project.
The SGR project has faced delays over the years, largely due to unsuccessful attempts to secure financing from Chinese lenders. After these efforts did not materialise, the Ugandan government reassigned the project in 2024 to Turkish construction company Yapi Merkezi, marking a shift in its execution strategy.
While the government has already initiated some preparatory work using its own funds, large-scale construction has not yet commenced. The start of full construction activity depends on the closure of financing arrangements, which remain under negotiation.
The proposed 272-kilometre railway line will connect Kampala to Malaba on the Kenya border. This link is expected to integrate Uganda with Kenya's railway system and provide access to the Indian Ocean port of Mombasa. The project is seen as a critical step in reducing transport costs for the landlocked country and supporting trade movement within the East African region.
Source Reuters
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