Uganda is preparing to issue its first sovereign sukuk as part of efforts to finance the construction of a standard gauge railway (SGR) linking Kampala to the Kenyan border town of Malaba, marking the country’s entry into Islamic capital markets, Ecofin Agency reports. The Ministry of Finance said on May 12 that proceeds from the sukuk issuance would finance 15% of the estimated €2.7bn ($3.16bn) cost of the SGR. Export credit agencies are expected to provide 60% of the project financing, while development finance institutions would contribute the remaining 25%. [...]