Kampala | July 15, 2025 | Uganda has taken a bold and historic step toward industrial transformation and inclusive economic growth with the operational launch of the Investment for Industrial Transformation and Employment (INVITE) Trust. The Trust is now fully activated following the successful fulfilment of conditions precedent to disbursement and the subsequent release of UGX 170 billion (approximately USD 44 million) from the World Bank.
This development was formally announced during a high-level Investment Committee meeting held today in which the Trustees, including the Ministry of Finance, Planning and Economic Development (MoFPED) represented by Permanent Secretary and Secretary to the Treasury Mr. Ramathan Ggoobi, and the Bank of Uganda (BOU) represented by Governor Dr. Michael Atingi-Ego, were briefed on the status of the disbursement and readiness for deployment.
The UGX 170 billion first tranche will be used to operationalize a Working Capital Facility through select eligible Financial Institutions, providing immediate liquidity and financing support to Uganda’s manufacturing and export-oriented enterprises.
A New Model for Industrial Financing
The INVITE Trust is a special purpose financing vehicle established under the broader INVITE Project, a Government of Uganda initiative co-financed by the World Bank and supported by a coalition of development partners including the Netherlands, the United Kingdom, and Sweden. The project is anchored in Uganda’s Tenfold Growth Strategy, a national vision for rapid industrialization, job creation, and private sector-led growth.
With a total project budget of UGX 800 billion, the INVITE Trust will channel UGX 642 billion directly into private sector lending through four tailored financial facilities:
- Working Capital
- Receivables Financing or Invoice Discounting
- Credit Guarantee Scheme
- Patient Capital in Local Currency
These instruments have been specifically designed to address structural credit market constraints that have historically limited the competitiveness and expansion of Uganda’s manufacturing and export sectors.
The remaining UGX 158 billion of the project will be administered by the Private Sector Foundation Uganda (PSFU) and dedicated to Business Development Services (BDS), empowering firms with the technical skills, advisory services, and capacity-building tools needed to compete in regional and global markets.
Government Reaffirms Commitment to Affordable Finance
Speaking at the event, PSST Ramathan Ggoobi commended the progress made by the Investment Committee and highlighted the onboarding of KPMG as the Trust Manager as a critical milestone in ensuring robust fiduciary and governance standards.
He reaffirmed government’s unwavering commitment to bridging the finance gap for Uganda’s private sector, particularly for enterprises operating within strategic industrial value chains. “This is not just about finance; it is about transforming Uganda’s industrial base and unlocking over 200,000 private sector jobs across the country, including in refugee-hosting communities,” Ggoobi said.
Bank of Uganda Endorses Long-term Strategic Value
Governor Michael Atingi-Ego emphasized the transformational potential of the INVITE Trust, particularly in shaping the long-term evolution of Uganda’s development finance ecosystem. He reiterated the custodial role of the Bank of Uganda, ensuring effective oversight and stewardship of the funds in line with international financial management best practices.
“The success of the INVITE Trust will redefine how Uganda finances production. It provides a model for integrating concessional finance with private sector-led delivery, something we must scale for lasting impact,” the Governor stated.
A Global Template for Inclusive Industrialization
The INVITE Project is widely viewed as a first-of-its-kind blended finance initiative in Africa, combining public sector leadership, private sector delivery, and multilateral support in one integrated structure. Its ambition to drive affordable, long-term financing to strategic industries aligns with global calls for inclusive development, job creation, and sustainable industrialization under the UN Sustainable Development Goals (SDGs).
Through its multi-pronged design, which includes capital access, guarantees, technical support, and export financing, the INVITE Trust stands out as a blueprint for replicable models across the continent.
With the first tranche now released, attention turns to the timely rollout of the financing facilities and the swift absorption of funds by the private sector. The Trust’s long-term success will depend on its ability to efficiently deploy capital, reach under-served enterprises, and catalyze new investment across Uganda’s industrial landscape.
For investors, development partners, and regional observers, Uganda has signaled a clear intent. The future of inclusive economic transformation is bankable, and it begins now.
