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Friday 17 September 2021
HomeAfricaUganda: EU stakes Shs2b grant for business development

Uganda: EU stakes Shs2b grant for business development

Source : Daily monitor – The European Union has set aside Shs2.7 billion to give as grant to approved private sector entrepreneurs to bolster their business investments. Daily Monitor has learnt that the money will be channelled to the beneficiaries through the Business Uganda Development Scheme – Enterprise Development Foundation (BUDS-EDF), which is under the Private Sector Development Foundation.

Mr Robert Kyukyu, the BUDS-EDF Scheme Manager said, on December 9, that intending recipients need to undertake special training with BUDS-EDF before they qualify to formally apply for the grant.

“We do not give this money upfront. The entrepreneur will need to fully pay for any approved activity and we come in to refund 50 percent of his or her expenses,” Kyukyu said during a training seminar for 20 business groups drawn from all the six West Nile districts.

Procedure
He explained that they do not give this subsidy before hand in order to eliminate wasteful spending by beneficiaries and enable them understand and appreciate that business development is paid for.

Kyukyu said the Shs2.7 billion available now only covers the first phase of the project to last for three years and the EU support will be extended for another five years.

While closing the training, Arua Assistant Chief Administrative Officer Andua Drani, advised the participants to pool resources and form mergers if they have to build strong and sustainable economic blocs.

“The business community is an influential force and if you organise by way of forming associations, you would own a very strong vote. As employers of a significant number of the population, you would have a critical voice in determining public policy formulation and governance of this country,” Drani said.

He advised them to use modern Information and Communication Technologies to transact business and undertake Corporate Social Responsibilities to spruce up their images and attract more clients.

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