In a significant boost to Uganda’s manufacturing and export sectors, the Government of Uganda has received the first tranche of UGX 170 billion under the Investment for Industrial Transformation and Employment (INVITE) Project.
The World Bank-funded initiative, valued at UGX 800 billion, aims to create over 200,000 private sector jobs in manufacturing and export value chains.
Speaking at the announcement, Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury, confirmed the development following a meeting of the INVITE Trust Investment Committee.
“We are pleased to announce that the World Bank has lifted all precedent conditions, enabling us to receive this first tranche of funding,” Ggoobi said. “This is a major milestone in our efforts to expand access to affordable financing for Uganda’s manufacturing and export firms.”
The INVITE Trust, established as a specialised vehicle under the project, is tasked with channelling development financing directly to private sector enterprises. “Through this facility, we are deliberately targeting the sectors that will accelerate Uganda’s transformation and create sustainable jobs,” Ggoobi noted. He further announced the appointment of KPMG as the Trust Manager, marking the full operationalisation of the financing facilities.
Dr. Michael Atingi-Ego, Governor of the Bank of Uganda, echoed this optimism, stating: “The Bank of Uganda welcomes the INVITE Trust as a game-changer in Uganda’s industrialisation journey. We are fully committed to playing our custodial role to ensure this facility is managed with efficiency and integrity.” Dr. Atingi-Ego underscored the importance of this project in unlocking Uganda’s industrial and export potential.
Of the total UGX 800 billion, UGX 642 billion will flow directly through the INVITE Trust to the private sector via four financing mechanisms: Working Capital, Receivables Financing (Invoice Purchasing), Credit Guarantees, and Patient Capital, all provided in local currency. The first tranche of UGX 170 billion is specifically earmarked to operationalise the Working Capital facility, accessible through participating Financial Institutions.
The remaining UGX 158 billion will be managed by the Private Sector Foundation Uganda (PSFU) as grants to support Business Development Services for enterprises along the manufacturing and export value chains.
“The INVITE Project is more than just a financing initiative—it is part of the broader Tenfold Growth Strategy aimed at transforming Uganda’s economy,” Ggoobi added. “With this support, we are not only looking at creating jobs but also at boosting household incomes and expanding opportunities, including in refugee-hosting communities.”
The INVITE Project draws its funding from the World Bank and is further supported by other development partners, including the Netherlands, the United Kingdom, and Sweden, through a Multi-Donor Trust Fund (MDTF). Implementation is being led by the INVITE Trust in collaboration with PSFU.
“This initial disbursement marks a turning point in Uganda’s industrial journey,” Ggoobi concluded. “We look forward to seeing this capital translate into real businesses, real jobs, and real exports.”