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Browsing: Small and Medium Enterprises (SMES)
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 …
Uganda has set aside money in its $43 trillion budget for the 2020/2021 financial year to help revive small and medium businesses that have been affected by the COVID-19 pandemic.
Uganda’s government allocated $88.4 billion as credit through Saccos and microfinance to help small and medium businesses.
Uganda’s minister of finance Matia Kasaija, said since the sector accounts for 85 per cent of private employment, the credit was significant.
Uganda Development Bank was also given $98 billion to enable businesses mostly large scale private firms and manufacturers to borrow at low-interest rates.
The government Uganda also said they would urgently pay arrears it owed the private sector through returns from Value Added Tax (VAT).
“To address emergencies on liquidity and other financial constraints suffered by government suppliers, the government will pay arrears of $633.4 billion commencing July 2020. Priority will be small and medium enterprises,” said Mr Kasaija.