French government extends financial support for local entrepreneurs in agriculture and tourism sector

By Alice Lubwama

The French Government has extended funds to local entrepreneurs in Uganda to grow their businesses.

The one billion shilling financing will be provided to small entrepreneurs especially women and youth in agriculture and tourism sector for a period of 2 years through Stanbic bank business incubator.

The financial agreement has been signed between the French ambassador to Uganda H.E Jules Armand Aniambossou and the Chief Executive Officer of Stanbic bank business incubator Tony Otoa .

While signing the agreement the French ambassador to Uganda Jules Armand Aniambossou said that the partnership they have made with Stanbic bank is aimed at changing the lives of women and young people in Uganda by skilling them to create jobs.

He said when they are trained and supported they will be able to find both local and international markets to sell their products.

"Agriculture is one of the priority of this country and your president has been talking about commercial Agriculture to move from agriculture just for feeding," Aniambossou said

The Chief Executive Officer of Stanbic bank business incubator Tony Otoa said this is a great boost to their effort because they have been dealing in these sectors in a small way but with this financial support they will able to support more local businesses across the country.

He said they will extend grants to the small businesses, train them how to access markets and also support them to formalize and grow their businesses.

"We have just come out of the terrible COVID-19 situation, if you think about the tourism sector over 70 percent of the businesses have closed down, agriculture was one of the only sector that kept us survive during COVID-19 period.’’ Otoa said

He said that there is need to focus on those sectors and support the local businesses to become better.