The Government of Uganda has received the first tranche of Shs170 billion as part of the Shs800 billion World Bank financing under the Investment for Industrial Transformation and Employment (INVITE) Trust. This milestone marks a major step forward in boosting Uganda’s manufacturing and export value chains.
The Investment Committee, which oversees the INVITE Trust met on Tuesday, July 15, and briefed key stakeholders including the Ministry of Finance, Planning and Economic Development (MoFPED), represented by Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi and the Bank of Uganda, represented by Governor Dr. Michael Atingi-Ego. The meeting confirmed that all conditions precedent to disbursement had been fulfilled, paving the way for the release of the initial Shs170 billion.
“This first tranche will be deployed towards the operationalization of a Working Capital facility through eligible Financial Institutions,” the statement reads.
The INVITE Trust is a special-purpose vehicle established to facilitate development financing for Uganda’s manufacturing and export sectors. The project is aligned with Uganda’s Tenfold Growth Strategy and aims to enhance access to affordable finance, particularly for private sector enterprises. The program is projected to create over 200,000 private sector jobs while increasing incomes and economic opportunities—especially in refugee host communities.
The total value of the INVITE Project is Shs800 billion, with Shs642 billion allocated specifically for lending to the private sector through four financing facilities: Working Capital; Receivables Financing or Invoice Purchasing; Credit Guarantee and Patient Capital in local currency. An additional Shs158 billion, managed by the Private Sector Foundation Uganda (PSFU), will support Business Development Services for enterprises involved in manufacturing and export.
Speaking at the event, Mr. Ramathan Ggoobi applauded the progress of the initiative and emphasized its significance.
“The Government is determined to increase access to affordable finance. I commend the Investment Committee for the recent onboarding of KPMG as Trust Manager and look forward to the full operationalization of all the financing facilities,” Ggoobi said.
Bank of Uganda Governor, Dr. Atingi-Ego, also reaffirmed support for the initiative, noting its broader economic potential.
He said, “This is a long-term game-changer for Uganda’s financing landscape. The success of the INVITE Trust will have far-reaching implications for economic transformation.”
He also underscored the critical custodial role the Bank of Uganda plays in the functioning of the Trust.
The INVITE Trust is a Government of Uganda initiative financed by the World Bank and other development partners including the Netherlands, United States, and others.
The Investment for Industrial Transformation and Employment (INVITE) Project is designed to provide affordable finance and support to private sector enterprises in Uganda’s manufacturing and export sectors.
