Uganda receives Shs170b from World Bank  under INVITE Project

Uganda has taken a major step forward in unlocking affordable financing for manufacturers and exporters, as the World Bank has approved and disbursed UGX 170 billion under the Investment for Industrial Transformation and Employment (INVITE) Project. This marks the first tranche of funding under the newly established INVITE Trust, following the fulfilment of all conditions precedent to disbursement.

The decision was confirmed during a meeting of the INVITE Trust Investment Committee held Tuesday, where key stakeholders—including the Ministry of Finance, Planning and Economic Development (MoFPED) and the Bank of Uganda (BoU)—were briefed on the progress.

The Ministry of Finance was represented by Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, while the Governor of the Bank of Uganda, Dr. Michael Atingi-Ego, attended on behalf of the central bank. Both institutions serve as Trustees of the INVITE Trust.

The UGX 170 billion disbursement will be used to operationalize a Working Capital Facility, the first of four financing windows under the Trust. This facility will be rolled out through participating financial institutions, enabling businesses in the manufacturing and export sectors to access much-needed capital at more affordable terms.

“The progress reported by the Investment Committee is very encouraging,” said Mr. Ggoobi. “The operationalization of the INVITE Trust is a major milestone in our journey to increase access to affordable finance for the private sector. It also signals our commitment to Uganda’s Tenfold Growth Strategy.”

The INVITE Trust, set up as a special-purpose vehicle under the broader UGX 800 billion INVITE Project, is intended to channel development finance to high-potential private sector enterprises. Of the total project value, UGX 642 billion will be managed through the Trust in the form of four financing solutions: Working Capital, Receivables Financing (or Invoice Purchasing), Credit Guarantees, and Patient Capital—all provided in Ugandan Shillings to mitigate foreign exchange risks.

The remaining UGX 158 billion will be managed by the Private Sector Foundation Uganda (PSFU) to fund Business Development Services (BDS) through grants. These will support skills enhancement, market development, and technical assistance for firms along the manufacturing and export value chains.

The Governor of the Bank of Uganda, Dr. Atingi-Ego, expressed strong support for the Trust, emphasizing its potential to transform Uganda’s financing landscape.

“INVITE will be a game-changer for Uganda’s financial sector,” he said. “By providing long-term, local currency financing, it addresses one of the most critical bottlenecks to private sector growth. As the Custodian of the Trust, the Bank of Uganda will ensure robust governance and fiduciary oversight.”

The Trust’s Investment Committee also confirmed the onboarding of KPMG as Trust Manager, a move that was welcomed by both MoFPED and BoU as a key step toward ensuring transparency and professional fund management.

In the long term, the INVITE Project is expected to create over 200,000 private-sector jobs, increase household incomes, and unlock new investments—particularly in manufacturing and export-oriented sectors. The initiative also has a special focus on refugee-hosting communities, ensuring that Uganda’s industrial transformation is inclusive and broad-based.

The INVITE Project is supported by the World Bank and other development partners, including the Netherlands, and is part of Uganda’s broader efforts to implement the Tenfold Growth Strategy, which aims to rapidly expand the country’s economic base and create sustainable employment opportunities.