The World Bank has transferred the initial 170 billion shillings to Uganda as part of an 800 billion shilling industrial development program. Officials expect the Investment for Industrial Transformation and Employment Trust to generate more than 200,000 private sector positions. The facility targets manufacturing companies and export businesses struggling with limited access to credit. KPMG manages the trust while the Bank of Uganda serves as custodian for the funds. Development partners from the Netherlands and United States provide additional support for the initiative.
Treasury Permanent Secretary Ramathan Ggoobi characterized the disbursement as evidence of government dedication to industrial modernization. The program offers four financing mechanisms spanning working capital assistance and patient capital investments. Private Sector Foundation Uganda will receive 158 billion shillings to deliver business development services. Financial institutions will distribute the remaining 642 billion shillings through the trust structure. Governor Michael Atingi-Ego endorsed the arrangement as a sustainable approach to deepening industrial finance.
Small business operators express reservations about accessibility requirements and interest rates under the new program. Food processor Prossy Namukasa emphasized the need for relaxed conditions to ensure genuine entrepreneurs benefit from available resources. Development economists warn that previous large-scale financing initiatives suffered from bureaucratic delays and weak private sector participation. The program forms part of Uganda's broader Ten-Point Industrial Growth Strategy aimed at reducing raw material exports. Success depends on effective monitoring and authentic engagement with manufacturing sector participants.
Treasury Permanent Secretary Ramathan Ggoobi characterized the disbursement as evidence of government dedication to industrial modernization. The program offers four financing mechanisms spanning working capital assistance and patient capital investments. Private Sector Foundation Uganda will receive 158 billion shillings to deliver business development services. Financial institutions will distribute the remaining 642 billion shillings through the trust structure. Governor Michael Atingi-Ego endorsed the arrangement as a sustainable approach to deepening industrial finance.
Small business operators express reservations about accessibility requirements and interest rates under the new program. Food processor Prossy Namukasa emphasized the need for relaxed conditions to ensure genuine entrepreneurs benefit from available resources. Development economists warn that previous large-scale financing initiatives suffered from bureaucratic delays and weak private sector participation. The program forms part of Uganda's broader Ten-Point Industrial Growth Strategy aimed at reducing raw material exports. Success depends on effective monitoring and authentic engagement with manufacturing sector participants.
