By Uganda has received the first tranche of UGX 170 billion from the World Bank under the UGX 800 billion Investment for Industrial Transformation and Employment (INVITE) Project, aimed at accelerating growth in the manufacturing and export sectors.
The announcement was made during a briefing by the INVITE Trust Investment Committee to trustees from the Ministry of Finance, Planning and Economic Development (MoFPED) and the Bank of Uganda. The funds will be channeled into operationalizing a Working Capital facility through accredited financial institutions.
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The INVITE Trust, set up as a special-purpose vehicle, will provide affordable financing to manufacturers and exporters as part of government’s Tenfold Growth Strategy. The initiative is projected to create over 200,000 private-sector jobs, boost incomes, and open new economic opportunities, including in refugee-hosting districts.
Of the UGX 800 billion package, UGX 642 billion will go directly to private sector lending through four financing windows: Working Capital, Receivables Financing, Credit Guarantees, and Patient Capital. An additional UGX 158 billion, managed by the Private Sector Foundation Uganda (PSFU), will fund grants to support business development services in manufacturing and export value chains.
Speaking at the event, Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury, said the tranche marks a major step in transforming Uganda’s financing landscape.
“This facility will significantly increase access to affordable finance and accelerate industrial growth,” Ggoobi said, commending the onboarding of KPMG as the Trust Manager.
Bank of Uganda Governor Michael Atingi-Ego reaffirmed the central bank’s custodial role and emphasized the long-term benefits of the INVITE Trust on the country’s economic resilience.
The INVITE Project is backed by the World Bank and other development partners, including the Netherlands, UK, and Sweden, through a Multi-Donor Trust Fund.
