Uganda Appoints Citibank for Major Railway Project Financing

Uganda has appointed Citibank to mobilize financing for the 2.7 billion euro Standard Gauge Railway (SGR) project. The finance ministry is also in talks with the World Bank for project support. Earlier attempts to secure Beijing financing failed, leading to the project's handover to Yapi Merkezi.

Uganda has taken a significant step towards realizing its Standard Gauge Railway (SGR) project by appointing Citibank to mobilize the necessary financing.

The East African nation's finance ministry announced on the X platform that discussions with the World Bank are underway to seek support and explore potential financing options.

This development comes after earlier efforts to secure funding from Beijing proved fruitless, prompting Uganda to transfer the project to Turkish firm Yapi Merkezi. Initial preparatory work has begun, pending full-scale construction.

(With inputs from agencies.)