Business 17 April 2026 Daily Monitor (Uganda)
Uganda Taps Citibank to Secure $3.19 Billion for Kampala-Malaba SGR Project
Uganda has enlisted Citibank to arrange financing for its $3.19 billion Standard Gauge Railway linking Kampala to Malaba on the Kenyan border. The move follows delays in securing funds and comes amid discussions with the World Bank for support. Source: https://www.monitor.co.ug/uganda/news/national/uganda-appoints-citibank-to-mobilise-funds-for-3-19b-sgr-5427404
Uganda’s finance ministry has selected Citibank to help raise the necessary funds for the ambitious 2.7 billion euro ($3.19 billion) Standard Gauge Railway (SGR) initiative.
This decision was announced via a post on X, highlighting ongoing talks with the World Bank to back the project. The World Bank recently indicated it is exploring various financing possibilities.
A Ugandan team, attending the IMF and World Bank Spring Meetings in Washington, held discussions with Citibank executives, including Managing Director Richard Hodder, who oversees global export and agency finance. The talks centered on advancing funding efforts for the SGR.
Previously stalled by unsuccessful bids for Chinese financing, Uganda awarded the contract to Turkish firm Yapi Merkezi in 2024. Preliminary site preparations are underway using government resources, but major construction awaits full funding.
The 272-kilometre rail line will connect Kampala to Malaba at the Kenya border, linking landlocked Uganda to Kenya’s network and the Mombasa port on the Indian Ocean.
Source: Daily Monitor (Uganda)