Minister Anite wants sensitisation on funding for women-owned enterprises

The State Minister-in-charge of Investment has called for an urgent need to increase awareness of government funding avenues available for women-owned enterprises..

Speaking at the 2024 Breaking the Barriers to Trade conference in Kampala on Saturday, Ms Evelyne Anite expressed concern that these funds are currently underutilised and concentrated among a few recipients.

“We need to do more about telling the women about this product. I want us to be deliberate and popularise this product. Even the agricultural facility had this challenge and when I vigorously marketed this product, the uptake went up.... It is about sensitisation and spreading the news,” she said. 

Ms Anite detailed the government’s significant investments to support women entrepreneurs, including Shs1.3 trillion in the Uganda Development Bank, with half allocated for women enterprises. 

Additionally, Shs800 billion was injected into commercial banks through the Bank of Uganda for women under the agricultural credit facility, Shs781 billion through the Private Sector Foundation of Uganda dedicated to women projects, Shs35 billion into the Women Enterprise Fund, and an annual Shs1.4 trillion for the Parish Development Model and the Innovation Fund.

The Global Influence Club, an initiative started three years ago by United Kingdom Legislator Baroness Sandip Verma from the UK Parliament (House of Lords), organised the conference themed; “Breaking Barriers to Trade, Domestically and Internationally”.

 The event gathered businesswomen to discuss building sustainable businesses, the impact of climate change on infrastructure, achieving work-life balance, and promoting equity, and diversity.

Verma emphasised the global barriers women entrepreneurs face, particularly in accessing finance and markets. 

“There is a widely available evidence base that shows that women entrepreneurs are less likely to access debt and equity finance than the male counterparts. When they do, they typically receive less funding and they pay higher interest rates and they are required to provide more collateral. Businesses owned by women receive approximately two percent of the total venture capital investment,” she said.

Ms Verma argued that removing these barriers could unlock $5 to $6 trillion in global finance, catalysing the transition to green energy, creating new employment opportunities, industries, and technologies, and achieving Net Zero goals. 

Mr Gilbert Kimanzi, the director for water development and the commissioner water for production at the Ministry of Water and Environment, highlighted the essential role of water and sanitation in empowering women entrepreneurs. 

“It is women who fetch water at home that is why we provide affordable water and sanitation projects close to them so as to cut down on the distances they travel to fetch the water. To become an entrepreneur, you have to provide some basics and some of the basics is water supply,” Mr Kimanzi said. 

Mr Kimanzi said inadequate sanitation facilities contribute to high dropout rates among girl children, hindering their potential and future entrepreneurial opportunities. 

“So even before you talk of being an entrepreneur, they have dropped out of school due to lack of basics. I have realised that women do not only deserve it, but access to water and sanitation is a human right ,” he said. He added that if such barriers are broken, then the world embrace sustainable development.

The conference was sponsored by the Nation Media Group, Simba Group, Nile Breweries, Madhvani Group, Stanbic Bank, Uganda Investment Authority, and Crown Beverages.

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