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Monday, May 25, 2026 - 4 min read
A section of the official launch ground of the Kisumu-Malaba Standard Gauge Railway at Kibos in Kisumu County on March 21, 2026.
Photo credit: Alex Odhiambo | Nation Media Group
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Kenya under pressure as Uganda issues Sh62bn bond for SGR
The bond is tax-exempt and will be cross-listed in the regional markets, including the Nairobi Securities Exchange.
TL;DRAI
Uganda issued a €405M Sukuk bond to fund its 273km SGR extension, contracted to Turkish firm Yapi Merkezi, applying direct pressure on Kenya to close the 350km gap to Malaba still blocking the Mombasa–Kampala rail corridor. Kenya faces a Sh502.9B financing shortfall for its segment, with a $2.6–3B securitised bond in progress — completion of the link would cut freight costs by 40% and transit times by 30%, reshaping East Africa's logistics economics.
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