Uganda named Africa's top investment destination at AIM 2024

The award ceremony, held during a gala dinner at the Abu Dhabi National Exhibition Centre, acknowledged Uganda's commitment to attracting impactful projects that contribute significantly to economic growth and development.

This year, the UIA submitted three compelling green projects that resonated with the theme of the AIM Congress 2024 – "Adapting to a shifting investment landscape: Harnessing new potential for global economic development."

Leading the pack is Nexus Green, a solar energy company determined to illuminate the lives of over 458 million people in the East African region lacking reliable energy access. Their investment, exceeding $100 million with UK Export Finance (UKEF) chipping in $10 million, has established a factory in Uganda and directly employs 200 people, with over 1,000 indirect jobs created.

Another award contender is 1MTN, a project dedicated to large-scale ecological restoration. Aiming to restore a staggering one million hectares of degraded land by 2030 through planting native bamboo, 1MTN emphasizes biodiversity management and has secured an initial investment of $1.5 million, with plans to scale up to $100 million in the next four years.

Rounding out the trio is Spouts of Water, Africa's top manufacturer of ceramic water filters. By providing a convenient and affordable solution made with locally sourced materials, Spouts of Water offers a sustainable alternative for clean drinking water. Currently reaching over 200,000 households, they aim to expand their reach to six million by 2030. Their current investment sits at $10 million, with ambitious plans to invest an additional $80-100 million in the coming years. This project directly employs 450 Ugandans.

"This award is a strong recognition of the Ugandan government and UIA's efforts in creating a conducive environment for investment, particularly in the green economy," said Hon. Evelyn Anite, Minister of State for Finance (Privatization and Investment).

The Chairman of the UIA Board, Mr. Morrison Rwakakamba, highlighted the strategic importance of these green investments. "Sprouts of Water, 1MTN, and Nexus Green demonstrate Uganda's unwavering commitment to tackling climate change and other environmental challenges plaguing the world," he remarked.

Not the first rodeo

This isn't Uganda's first time on the AIM podium. In 2023, they won the award for Best Investment Destination in East Africa for attracting the standout project, Modern Tiles. The UIA also secured the gold award for Best Investment Promotion Agency in East Africa that same year.

Uganda's impressive track record continues. Between financial years 2021/22 and 2022/23, the UIA licensed a staggering 1,202 investment projects, with a planned investment value exceeding $16.5 billion and projected job creation for over 142,000 individuals.