In 2015, Uganda established their own sovereign fund, PRIR, to be fed with oil revenues from the national oil company. The institution has since then positioned itself to follow best practices, once the revenues flow in, expected in July of 2026. We were delighted to speak with Ms. Martha Kiiza Kalema, the Team Lead for PRIR within the Bank of Uganda, about the fund’s set up and prospects.

[GSWF] The PRIR was set up in 2015. What were the rationale and challenges?

[PRIR] The PRIR was established in the PFMA, 2015 along with other key players in the petroleum sector, i.e., Uganda National Oil Company (UNOC) and Petroleum Authority of Uganda (PAU). The belief was that oil revenue was imminent and that clear laws should be in place to define how it should be managed. Key challenges have included: (i) delayed revenue timing and actual inflows, which are now expected in July 2026; (ii) managing stakeholder expectations, which required engagement and transparency; (iii) developing governance frameworks with the assistance of partners like NORAD, the IMF, the World Bank, and other SWFs, adapting them to our context, and (iv) international backlash environmental groups about the East African Crude Oil Pipeline.

[GSWF] The latest AuM of the fund was US$ 13 million. What is the projected AuM of the fund in the medium term?

[PRIR] First Oil remains on track for July 2026. While we've learned over the years to be cautious about exact timelines, all sector and government updates point to mid-2026 for commercial production from the Kingfisher and Tilenga fields. AuM projections depend on several variables: oil price assumptions, production ramp-up schedules, and critically, the fiscal rule that determines what portion of revenues is saved versus allocated to development spending. Our accumulation will be gradual and disciplined.

[GSWF] What will the focus of PRIR be, once once the oil revenues start flowing in? Will the fund also invest overseas?

[PRIR] Once oil revenues begin flowing, the PRIR will invest exclusively overseas; as domestic investment is prohibited under the PFMA to protect macroeconomic stability. Our goal is building a diversified, risk-aware, long-term portfolio that preserves wealth for future generations. The fund’s asset allocation will follow the investment policy issued by the Ministry of Finance, which defines our risk appetite and strategy. However, we anticipate a portfolio anchored in global fixed income and equities, complemented by selective alternative assets, particularly opportunities within the African investment space that align with our risk-return objectives.

[GSWF] What do you think of collaboration with other SWFs? Who do you perceive as peers or best practices globally?

[PRIR] We believe strongly in collaboration – and are in the process of joining both the IFSWF and the ASIF as members in 2025/2026, which will deepen our engagement with the global SWF community. We look at best practices in several peer funds:

-African peers: Botswana's Pula Fund, Ghana’s GPF, and Nigeria’s NSIA, which assisted us with strategic asset allocation;

-Pre-production/early-stage peers: Timor-Leste's Petroleum Fund, and  Trinidad and Tobago's Heritage and Stabilization Fund;

-Aspirational models: Norway's Government Pension Fund Global, and Abu Dhabi and Singapore's approaches.

[GSWF] How many employees does BoU / PRIR have now, and how do you expect this number to evolve in the near future?

[PRIR] The PRIR operates with a dedicated core team supported by broader Bank of Uganda resources i.e. risk management, operations, accounting, and back-office functions. As the fund's AuM grows post-First Oil, we'll scale our capacity accordingly. Our approach to talent development emphasizes building strong institutional knowledge and investment capabilities, drawing on Uganda's pool of qualified professionals while also learning from international expertise through partnerships and training programs.

[GSWF] What are your goals for the next three to five years with the Bank of Uganda / PRIR?

[PRIR] My goal is to take the PRIR from framework to full operation:

-Operationalize PRIR: Move from legal and policy structures into a fully functioning investment fund with our investment policy, risk framework, and strong governance.

-Build institutional capacity: Establish a resilient investment team with the technical expertise to manage a sovereign portfolio, external asset managers and custodians.

-Execute investment strategy: Deploy initial petroleum revenues into a diversified, long-term portfolio that balances risk and return.

-Establish credibility and trust: Demonstrate strong transparency, rigorous external audits, and maintains regular parliamentary and public reporting.

Personally, I want to see this transition through: from policy framework to actual operations managing real petroleum revenues.