Case Study

Mobilizing Investment for Inclusive Growth in Uganda

Unlocking Growth through Targeted Investment Solutions
Finance and Investment

The Challenge

Uganda’s agriculture and related sectors have long struggled with limited access to commercial financing, particularly for small and medium enterprises (SMEs) and marginalized groups such as women and youth. The investment ecosystem faced multiple barriers: a lack of investor confidence, underdeveloped financial systems, limited investment readiness among businesses, and a regulatory environment that hindered capital flow. These challenges were compounded by the need for inclusive growth, requiring targeted support for underrepresented populations and sectors like renewable energy and health.

Our Solution

Mobilizing Capital through Advisory, Support, and Reform

To address these challenges, Chemonics implemented a multi-pronged strategy focused on investment mobilization, advisory services, and policy reforms:

  • Investor Diversification and Deal Facilitation: Engaged 27 investors and closed 39 deals worth over $47.5 million, with a strong focus on agriculture, energy, and health
  • Transaction Advisory and Business Development Services: Provided tailored support to 68 businesses, including investment readiness training, financial modeling, and ESG compliance, significantly improving their ability to attract capital.
  • Post-Investment Support: Delivered aftercare services to 16 investees, focusing on governance, financial systems, and market linkages to ensure sustainable growth.
  • Gender and Youth Lens Investing: Partnered with inclusive investors like SHONA and INUA Capital to support women- and youth-led enterprises and onboarded Umoja Microfinance to expand access to underserved communities.
  • Policy Advisory: Advanced eight key regulatory issues, including tax reforms and investment code amendments, and supported the development of Uganda’s National Climate Finance Strategy.

The Impact

Private Capital Fueling Systemic, Inclusive Transformation

Chemonics’ integrated approach has yielded measurable outcomes across multiple dimensions:

  • Capital Mobilization: Chemonics raised $91.6 million to date.
  • Inclusive Participation: We reached 37,899 individuals through training and financial services, with 33% women and 28% youth among loan recipients.
  • Improved Investment Climate: Chemonics supported national investment policy development, contributing to reforms in taxation, accreditation, and green finance.
  • Catalyzed Innovation: Facilitated $38 million in energy efficiency investments and supported six last-mile companies with grants to scale energy access in agriculture and health.