Last week, green SMEs such as Volcano Coffee Ltd, Masrcorp Ltd, Nampya Farmers Market, Fresh Bingo, MICE Uganda Ltd, and ACOID Medicinal Herbs Planting and Processing got the nod to access grants from the EU basket fund. This was after the SMEs excelled at an exhibition during the 2021 Green Finance Dialogue Forum held at Kampala Sheraton hotel.
These are some of the 120 green SMEs that have been inducted by the Uganda Green Enterprise Finance Accelerator (UGEFA) for the last two years.
Through UGEFA, the EU and other financial institutions have supported these SMEs through the accelerator by equipping entrepreneurs with management skills and knowledge to reach the implementation stage.
Gerald Katabazi, the founder and chief executive officer of Volcano Coffee Ltd, was excited about the news that his company will access $80,000 to scale up its production. The Nakawa-based firm uses coffee residue to make byproducts such as disposable cups in which coffee cafes pack the drink for their customers.
Mark Matovu, the chief executive of Nampya Farmers Market, a digital platform connecting greengrocers and hoteliers to farmers, said the accelerator has come in handy in imparting business management skills.
Apart from the EU, the other partners in this greening project include Bank of Uganda, Financial Sector Deepening (FSD) Uganda, East African Development Bank, KfW Development Bank, National Environment Management Authority (NEMA), UNFCCC Regional Collaboration Centre Kampala, Global Green Growth Institute (GGGI) and Uganda Manufacturers Association (UMA).
The project to support green SMEs to green jobs is in line with government’s Vision 2040, the Uganda Green Growth Development Strategy (2017), and Third National Development Plan (NDPIII) 2020/21–2024/25.
They all outline clear commitments to environmentally-sustainable and socially inclusive growth that prioritizes green job creation, low carbon emissions and climate resilience.