The International Finance Corporation (IFC) and the Uganda Bankers Association (UBA) partnered to train financial institutions and small and medium-sized enterprises (SMEs) in Uganda.
The International Finance Corporation (IFC) noted that the training for 32 financial institutions will equip them with knowledge, tools, and techniques to help them meet the current economic challenges.
About 500 SMEs will receive the six weeks online training which will help them navigate the challenges of lockdowns and reduced trade.
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To help banks assess the impact of COVID-19 on their portfolio and support their risk mitigation, the webinar training for financial institutions include stress testing topics.
The SME webinars will cover topics such as accessing finance during crises, communicating with stakeholders, adjusting business plans, digital sales, marketing and promotion.
Early this year in March, IFC launched an $8 billion fast-track financing facility to help companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19.
As of the end of July, IFC had invested several hundred million dollars supporting African partners through this facility.
“This partnership is timely and is in line with our mission to promote a sound banking environment and drive financial inclusion through financial literacy initiatives. We are excited to work with IFC to roll out these training sessions, which will help achieve growth, sustainable development, and poverty reduction in Uganda.” Said Wilbrod Owor, executive director at UBA.
Dan Kasiyre, the IFC resident representative for Uganda and Rwanda, added: “The virtual training on stress testing and SME crisis management are part of broad actions by the World Bank Group to support economic recovery efforts during the COVID-19 pandemic. IFC is a longtime champion of the private sector in Africa and our experience will help Ugandan businesses navigate the difficult waters of COVID-19.”