Shs 8.4 billion project launched to support SMES
By Benjamin Jumbe
Over 1000 Small and Medium Enterprises in Uganda are set to benefit from a new project by GIZ.
The Enhancing the Competitiveness of Small and Medium Enterprises in Uganda (ECOS) Project through GIZ’s Employment and Skills for Development in Africa initiative seeks among other things to enhance the competitiveness of 1000 small and Medium Enterprises.
Speaking at the launch in Kampala, the team lead of the ECOs Project Jimmy Byaruhanga has said the project worth 8.4 bn shillings seeks to create over 3000 jobs within participating enterprises.
He says the project will also be looking at building the capacity of SMEs in market development quality Management and access to finance among others.
Meanwhile, Finance and investment experts have tipped players in the SME on what to do to support their growth.
Findings from a market scan report by Gopa Worldwide Advisors indicate that SMEs account for over 90% of all private sector enterprises in Uganda but most are young with a high mortality rate.
Speaking at the launch of the Enhancing the Competitiveness of Small and Medium Enterprises in Uganda (ECOS) Project, the Executive director of the Federation of Small and Medium Enterprises John Walugembe noted that the business development market in Uganda is still underdeveloped.
He now suggests that players in the sector offering business development services should provide tailor made services to suit the needs of the SMEs and also link training to financing.
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