Kampala, July 1, 2025 — The Investment for Industrial Transformation and Employment (INVITE) project has taken a major step towards implementation with the signing of a Trust Management contract.
The INVITE is a US$218 million Government of Uganda project financed by the World Bank, and it seeks to support manufacturing and exporting firms.
The project is financing the setup of the capitalization of the INVITE trust to the tune of US$176 million. The project also has grant windows under PSFU totaling US$42 million.
The INVITE is being implemented by the Ministry of Finance, Planning and Economic Development (MoFPED) and the Bank of Uganda through the INVITE Trust and the Private Sector Foundation Uganda (PSFU)
The signing ceremony took place at the Private Sector Foundation Uganda (PSFU) Project offices in Kampala and was witnessed by key stakeholders. Representing the Ministry of Finance, Planning and Economic Development (MoFPED) were the members of the INVITE Trust Investment Committee: Dr. Sengonzi Edward Damulira, Under Secretary and Accounting Officer, Mr. Stephen Asiimwe, Chief Executive Officer of PSFU; Mr. John Marie Kyewalabye, Project Coordinator; and representatives from KPMG -Trust Management Firm.
Dr. Damulira expressed gratitude for the project’s milestone and underscored its economic, social, and political significance, calling for expedited implementation. Mr. Asiimwe reaffirmed PSFU’s full commitment to support the set up of the Trust, while the Chairperson of the Investment Committee, Dr. Tom Burunguriza, pledged swift execution going forward.
The INVITE Trust is expected to play a vital role in Uganda’s 10-fold Growth Strategy, contributing to sustainable industrial growth, employment creation, and inclusive economic development.
