The Government of Uganda, in partnership with Centenary Bank and the Private Sector Foundation Uganda (PSFU), has launched a groundbreaking initiative to empower women entrepreneurs through the GROW project.
This project has already enabled over 2,073 women to access funds and start small-scale enterprises, marking a significant milestone in the fight against poverty.
According to Dr. Ruth Aisha Kasolo, the GROW project coordinator, the initiative aims to promote economic empowerment among women, thereby reducing poverty and improving livelihoods.
“The GROW project is a testament to the government’s commitment to supporting women entrepreneurs and promoting economic growth,” Dr. Kasolo, who was presiding over an inspiring open day event in the Greater Kampala region, said on Monday.
Statistics indicate that women play a vital role in Uganda’s economy, with over 70% of women engaged in informal sector activities.
However, they often face significant barriers in accessing credit and other financial services, hence the GROW project seeks to address this gap by providing women with access to affordable credit and business training.
Impact on Poverty Reduction
The GROW project is part of a broader government initiative to reduce poverty and promote economic growth.
According to the Uganda Bureau of Statistics (UBOS), the poverty rate in Uganda has declined from 19.7% in 2012 to 16.7% in 2020. While this progress is encouraging, there is still much work to be done to address the root causes of poverty.
The GROW project is expected to contribute to the government’s efforts to reduce poverty by:
Increasing access to credit for women entrepreneurs, thereby promoting economic empowerment
Providing business training and mentorship to women, enhancing their entrepreneurial skills
Creating jobs and income opportunities for women, thereby reducing poverty and improving livelihoods
Collaborative Efforts Key to Success
Dr. Kasolo expressed her gratitude for the collaborative efforts that made this event possible.
“Our partnership with key stakeholders, including Centenary Bank, Finance Trust Bank and other banks in Uganda has been instrumental in realizing this vision. The success of this initiative is a clear demonstration of what can be achieved when the public and private sectors come together to support women’s economic empowerment,” she remarked.
In essence, the GROW project is a shining example of the government’s commitment to promoting economic empowerment among women.
By providing access to credit and business training, the project is helping to reduce poverty and promote economic growth. As the project continues to expand, it is expected to have a lasting impact on the lives of women entrepreneurs in Uganda.
About Grow Project
The GROW initiative, which is a World Bank funded project, is a dynamic intervention program that goes beyond the simple provision of loans.
With funds accessible from Centenary Bank, Stanbic, Housing Finance and other commercial banks, the project is designed to empower women entrepreneurs by not only offering much-needed financial support but also facilitating access to comprehensive business development services, mentoring training and giving them avenue to create market for their products.