Inaugural event sets agenda for supporting women-owned businesses

March 15, 2024 in Business, Financial Services by Editor

Running under the theme; Accelerating women’s Economic Equality through financial and Non-financial Inclusion Opportunities for Ugandan Women, 200 registered women enterprises from all 14 UWEAL clusters in the country met in Kampala to share experiences and explore opportunities.

The Uganda Development Bank Limited (UDBL) in partnership with the Uganda Women Entrepreneurs Association Limited (UWEAL) this week set an agenda to assist and accelerate financing for women-owned enterprises across the country.

Running under the theme; Accelerating women’s Economic Equality through financial and Non-financial Inclusion Opportunities for Ugandan Women, 200 registered women enterprises from all 14 UWEAL clusters in the country met in Kampala to share experiences and explore opportunities.

UDBL is Uganda’s top Development Finance Institution which in December 2021, launched a special initiative aimed at growing enterprise assets and revenue, create employment, and redistribute wealth across all the sub-regions of Uganda.

Sophie Nakandi, the UDBL Company Secretary and Head of Legal told the gathering,  “Cognizant of the systemic challenges women in business face, including inadequate access to affordable-patient capital and business development services, the bank established a specialized proposition, dubbed the UDB Special Programs, to address the specific financing needs of youth, SMEs and women.”

She said, “Under the women financing segment, (Women Prosper Loans) the bank has in the last two years supported 72 enterprises in over 40 districts and approved UGX75 billion worth of loans.”

Sarah Kitakule, the UWEAL Board chairperson thanked UDB for offering tailor-made financial solutions aimed at providing low-cost and patient capital for women entrepreneurs and facilitating women-owned businesses.

“Our partnership with Uganda Development Bank further increases our footprint and impact in the country. Through Business Development Services, women entrepreneurs develop the knowledge and skills necessary to grow and sustain their businesses,” she said.

The deputy finance minister for Investment and Privatization, Evelyn Anite applauded UDB and UWEAL for the inaugural conference saying it symbolizes efforts to address the structural barriers facing women businesses.

“The government’s commitment as outlined in Vision 2040 and National Development Plan III, underscores gender equality as a cross-cutting enabler for socio-economic transformation. In an economy where women account for about 77% of the agricultural labor force, the sector that accounts for 24% of the GDP, and about 40% of Uganda’s export earnings, we stay committed to ensuring that such opportunities reach every woman across Uganda.”

Prof. Dr Maggie Kigozi, a director of Crown Beverages reiterated the power of building synergies in business, for women to achieve economic equality, further noting that in such gatherings, women should learn from each other and build networks to propel their businesses.