Browsing: United Nations (UN)

Stanibic bank Uganda, UN launch enterprise fund to revive economy

Stanbic Bank Uganda in partnership with the United Nations (UN) and other financial agencies have created an enterprise fund, Economic Enterprise Restart Fund (EERF) to provide low-cost financing to the informal sector to help them recover from the impact of the pandemic.

According to a press release, the Economic Enterprise Restart Fund (EERF) will provide cheaper funding to SMEs, savings and credit cooperatives (SACCOs) as well as village savings and credit associations (VSLAs) to improve their productivity and provide both digital and technical support in capacity building and institutional development.

To help increase consumption, create employment opportunities and reduce poverty in the rural and peri-urban areas, EERF will also drive financial inclusion through the digital banking process and build economic activity sustainability.

The fund was launched by Anna Juuko, the chief executive officer and Rosa Malango, the UN resident coordinator.

“Our commitment to the Economic Enterprise Restart Fund is an …

Food and Agriculture Organization (FAO) received €11 million contribution from the European Union as the UN agency steps up efforts to fight the desert locust outbreak.

FAO Director-General QU Dongyu received the contribution to help fight the locust upsurge which has now spread from East Africa to the Persian Gulf.

The European Commission announced that €10 million would come from the European Commission’s Directorate-General for International Cooperation and Development (DEVCO). While another €1 million will come from the European Civil Protection and Humanitarian Aid Operations (ECHO).

“I want to thank the European Union for its generosity and support as the Desert Locust threatens to provoke a humanitarian crisis in East Africa,” Qu said.

Qu also added that the situation is extremely alarming in a region where 20 million people are already considered food insecure.

The locust outbreak is the worst in the last 25 years for Ethiopia and Somalia and …