Government to fund over 39,000 women enterprises in new plan

The government  of Uganda and World Bank have unveiled a new strategic plan to fund over 39,000 small women’s enterprises across the country.

It is also estimated that 1.6 million people in 46 districts will benefit from the project though which government intends to significantly improve the economic welfare of Ugandan women.

The government looks to finance women through the $217m (over sh800b) five-year grant project financed by the World Bank to increase access to enterprises mainly in small focusing on women-led businesses.

Speaking at the launch of The National Roll-out and sensitization Engagement on the generating growth Opportunities and productivity for women Enterprises (GROW) project at Kololo Independence Grounds on Wednesday, Prime Minister Hon. Robina Nabanja said that the project is timely, especially coming at a time when Uganda has reduced borrowing.

"This project will focus on enabling entrepreneurs or enterprises owned by the women to grow and transition to the next level of the business," she said.

Nabanja also emphasized that the project would  address many challenges faced by women entrepreneurs and help women to have successful businesses.

"Challenges such as lack of capital and limited capacity to expand. As you’re already aware, many women in business find it difficult to access information. It is important that we reach out to these women and guide them," the Prime Minister suggested.

According to the Ministry of Gender, Labor and social development, the GROW project is to achieve its targets by 2027.

Sarah Kagingo the Vice Chairperson of Private Sector Foundation Uganda (PSFU) assured the public that the foundation will make sure they change the lives in this opportunity.

"Our efforts is to build on the World Bank supported facility with the Ministry of Finance and Gender on the components of facilitation and the loans to the enterprises," she said

Kagingo explained that PSFU will work with the private sector and the government agencies to address all the interventions needed by women in the financial support.

"Our interventions as PSFU responsible for is to help women achieve their Target. We trust the project will be exploited transparently and equitably," she said.

The facility will create individual borrowing of credit between $1,000 (sh3.7m) and $50,000 (sh380m), the grant will award grant support of up to sh400m and finance banks with grassroot branches.