Entrepreneurs to earn big from $100m grant

By Patrick Jaramogi

The Minister of State for Finance in charge of Planning David Bahati has urged Ugandan entrepreneurs to utilize the World Bank grant to boost their businesses.

The Government of Uganda has received credit from the World Bank towards implementation of the Competitiveness and Enterprise Development Project (CEDP).

The funds to the tune of $100m (Shs300b) will be instrumental in boosting economic reforms and bolstering entrepreneurs in the country.

Bahati who spoke during the commissioning of the Private Sector Foundation Uganda (PSFU) Matching Grant Facility at Hotel Africana yesterday described the credit facility as a good step towards boosting local enterprises.

PSFU got $8m (shs25b) of the allocated $100m. Other funds will be utilized for land reforms and business growth enterprise under the Uganda Registration and Services Bureau (URSB).

“The five year grant is supposed to improve the competitiveness of enterprises in Uganda through supporting reforms in priority productive and service sectors geared towards a better investment climate,” said Bahati.

PSFU Executive director Gideon Badagawa said the Matching Grant Facility will support interventions in high-potential and sector specific sub sectors such as tourism, fisheries, edible oils, information Technology, coffee, horticulture and Tourism.

The MGF manager Daniel Kisekka said the grants are designed to support Medium and Small Entrepreneurs to become more productive and competitive through the use of business services.

The PSFU board chairperson Patrick Bitature urged the committee handling the grants proposals to act expeditiously so as to help Ugandan entrepreneurs benefit from the grants.

Bitature warned the officials against corruption and misuse of the funds.

The grants Coordinator John Marie Kiwalabye said local Ugandan entrepreneurs can apply for grants up to $100,000 (shs300m) for any of the seven related sectors listed.

“The funds are already in place. We want to disburse the funds by July after screening the proposals,” he said. Kiwalabye said the entrepreneurs will be supported with a 50% grant facility to help boost their businesses.