Browsing: Small and Medium Enterprises (SMES)

AfCFTA supports women in trade.

AfCFTA is reshaping African markets; deepening economic integration in accordance with the Pan African Vision of ‘An integrated, Prosperous and Peaceful Africa,’ as enshrined in Agenda 2063. The agreement established a single continental market for goods and services, making for the largest and most ambitious trade bloc in the world, after the WTO. This has created a new market of 1.3 billion consumers across Africa, accounting for a combined GDP in excess of US$3.4 trillion in 55 countries.  

According to the World Bank, AfCFTA has the potential to eradicate extreme poverty in the lives of 30 million Africans, and boost the incomes of 68 million of them, that live below the poverty line. Moreover, in the long term the continent is set to immensely reap more benefits out of the Agreement such as the diversification of Intra African trade, elimination of barriers and tariffs, job creation, increase in wages for…

Training for Ugandan financial institutions and 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 focuses on reviving SMEs in national budget

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.

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