Uganda has signed an agreement with Saudi Arabia’s Islamic Development Bank (IDB) for a $295 million loan to fund road construction and other projects, the country’s Finance minister said on Tuesday.The move underscores Uganda’s efforts to diversify its sources of external funding, as talks with the World Bank to resume lending have dragged on without […]

Uganda government’s move to pass legislation allowing Islamic banking, and the subsequent licensing of Salaam Bank, show a growing demand for Sharia-compliant financial services.Salaam, a subsidiary of a Djibouti-based lender by the same name, opened doors formally in Kampala last month, underscoring what officials said was to serve a growing niche of clients.Uganda now joins […]