Uganda's finance ministry announced that it had signed an agreement worth $800 million with the Islamic Development Bank for the support of projects, such as a railway project, which aim to boost trade in the country.

The railway will link to Kenya's Standard Gauge Railway, and then to the Indian Ocean port at Mombasa.

The three-year agreement will also fund projects in the sectors of health, transportation and energy infrastructure.

Ramathan Ggoobi - the most senior technocrat in the Finance Ministry - and Rami Ahmed, Vice President of the Saudi Arabian Development Bank, signed the agreement at the annual meeting held by the bank, which is headquartered in Algiers. The ministry announced this on X on late Wednesday.

(source: Reuters)