Kampala — REMITTANCES from Ugandans working abroad have reached $1b (about 1.8 trillion), Dr. Maggie Kigozi, the Uganda Investment Authority executive director, said last week.

Kigozi, however, said the figure would most likely drop due to the current global financial crisis.

"Last year's remittances from Ugandans in the Diaspora were $750m (about 1.35 trillion). This year the figure has so far reached about sh1b," she said.

She said the remittances were instrumental in boosting the education, agriculture and housing sectors.

Kigozi said hundreds of Ugandans were sending money back home to their relatives for various developmental purposes.

She said the global financial crisis would affect the non-professionals most.

"All Ugandans abroad send money back home, but those doing odd jobs might lose them due to the current global financial crisis.

"Those doing professional work may not be affected," she said.

Meanwhile, the Uganda Investment Authority and the private sector have organised a Diaspora- investment summit to encourage Ugandans working abroad to invest in the country.

Kigozi said the week-long summit titled "Back to my roots-Uganda my home" would attract over 400 Ugandans living in the Diaspora.

"The summit scheduled for the last week of December, will focus on Uganda's investment prospects, opportunities and challenges and the role Uganda-Diaspora should play in investing home," Kigozi said.

This summit, the second of its kind, would pay special attention to investing in northern Uganda.

formation and communication technologies, education, finance, value addition, healthcare and tourism.

It will be held at Hotel Africana in Kampala and in Gulu on December 27.

Martin Namisi, the Alert Guards managing director and one of the summit organisers, said there would also be side events which include exhibitions and fashion shows.

The summit she said is one of the major efforts to bring Ugandan Diaspora into active participation in private investment home.