KAMPALA, Uganda – July 15, 2025 – Uganda has received the first installment of 170 billion Ugandan shillings (about $45 million) from an 800 billion shillings (about $210 million) World Bank financing package aimed at boosting the nation’s manufacturing and export sectors. The funds will be channeled through the Investment for Industrial Transformation and Employment (INVITE) Trust.
The Investment Committee overseeing the INVITE Trust announced Tuesday that conditions for the disbursement had been met. The initial 170 billion shillings will be used to operationalize a working capital facility through eligible financial institutions, according to a joint statement from the Ministry of Finance, Planning and Economic Development (MoFPED) and the Bank of Uganda (BOU).
The INVITE Trust serves as a special-purpose vehicle established under the INVITE Project. Its primary goal is to facilitate development financing to manufacturing and exporting industries, complementing existing government initiatives to stimulate economic growth and increase access to affordable finance. The project aims to create over 200,000 private sector jobs within the manufacturing and export value chains, boost incomes, and support new economic opportunities, including in refugee host communities.
Of the total 800 billion shillings, 642 billion shillings will be managed by the INVITE Trust for lending to the private sector through four financing facilities: working capital, receivables financing, credit guarantee, and patient capital in local currency. The remaining 158 billion shillings, managed by the Private Sector Foundation of Uganda (PSFU), will provide grants for business development services to manufacturing and exporting enterprises.
Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury, welcomed the progress reported by the INVITE Trust Investment Committee. He reiterated the government’s commitment to improving access to affordable finance for businesses.
Michael Atingi-Ego, Governor of the Bank of Uganda, affirmed the central bank’s support for the INVITE Trust. He underscored the long-term implications of the project for Uganda’s financial landscape and highlighted the Bank of Uganda’s custodial role in the trust’s operations.
The INVITE Project is a government initiative funded by the World Bank and other development partners, including the Netherlands, the United Kingdom, and Sweden, through a Multi-Donor Trust Fund. It is implemented by the INVITE Trust and the Private Sector Foundation Uganda.
