On October 30, the UGEFA Green Finance Dialogue Forum brought together over 120 participants at the Mestil Hotel in Kampala to discuss the future of green enterprises in Uganda. Under the theme “Together for Tomorrow: Future Pathways for Uganda’s Green Businesses“, the forum celebrated the accomplishments of the Uganda Green Enterprise Finance Accelerator (UGEFA) project over the past five years while looking ahead to the next phase of green finance for SMEs.
Cristina Bănuţă from the EU Delegation to Uganda emphasized the importance of understanding the challenges faced by green enterprises, stating that connecting these businesses with financial institutions is crucial for creating sustainable jobs and achieving Uganda’s Vision 2040. Camilla Shearman of adelphi highlighted the project’s significant achievements, noting that UGEFA has facilitated 100 loans through six partner banks, with 58% of the financed SMEs being first-time borrowers.
Envisioning the Green SME Finance Ecosystem in Uganda
James Muhwezi from Uganda’s Ministry of Finance, Planning and Economic Development provided an update on the Uganda 2030 Strategy, while stressing UGEFA’s role in helping enterprises qualify for green financing, thus supporting the country’s broader economic goals.
A key highlight of the forum was a visioning exercise where participants collaboratively envisioned the future of green finance for SMEs in Uganda over the next five years. This collective approach aimed to identify pathways for growth and sustainability in the green business sector.
Green Pioneers: Leading Green SMEs in Uganda
A vibrant showcase saw over 20 enterprises presenting their initiatives in sectors like honey and dairy products production, clean energy, and sustainable tourism. The green SME exhibition provided a platform for networking and collaboration among participants, further enriching the dialogue on green finance in Uganda. Additionally, the event featured pitches by seven UGEFA-supported green entrepreneurs, spotlighting their innovative ventures aimed at sustainability: Shamim Nantume, from Bin It Services Ltd; Simon Abanyu, from Delta Bees (U) Ltd; Clemens Fehr, from Gourmet Gardens; Rose Tusiime, from Rwenzori Epicucture and Horticulture Products Ltd; Claire Kabateraine, from Wetu Commodities Ltd; Moureen Atuheire, from Akatale on Cloud; and Benson Otim, from Princo Group (U) Ltd.
The Green Pioneers Panel featured discussions on the challenges of impact monitoring in green businesses. Panelists noted the difficulties in defining industry standards and emphasized the importance of accurate data collection for attracting further investment. The panelists discussed how demonstrating impact can facilitate meaningful conversations with financial institutions, paving the way for enhanced funding opportunities. Sylvia Natukunda, Farm Reap: “When looking for additional financing monitoring impacts are essential to show what you are producing and what you can produce with an additional financing”. Frank Mugisha, Akatale on Cloud: “We see impact monitoring as an investment – with the data collected you are able to start a conversation, you can show what you produce and your impacts, especially with banks”.
Unlocking Potential: Finance-Focused Business Development Support for Green SMEs in Uganda
Three breakout sessions allowed participants to delve into critical areas for supporting green SMEs. Discussions led by expert facilitators focused on incubation support, post-investment assistance, and fostering collaboration among business development service providers and financiers. These sessions aimed to identify the necessary resources and support structures to empower green businesses moving forward.
Facilitated by Ancel Ochino Bwire and Fahad Ndugwa, Ancywax, a first breakout group discussed which type of BDS support is needed by green SMEs to better access financing in the next years. A second group, facilitated by Babra Akori and Denis Osore, Challenges Uganda, looked into which BDS support green SMEs need to manage their received financing and grow further. Finally, a third breakout group facilitated by George Bryson, Shona, and Victory Mugenyi, Challenges Uganda, explored the collaboration aspect by discussing how can BDS advisors, financiers and other stakeholders work together more closely to better support green SMEs.
The forum featured a celebratory ceremony honouring the successful partnerships between UGEFA, expert business advisors, and leading banks and partners. This recognition highlighted the collaborative efforts that have driven the success of the initiative.
Charting the Future of Green Finance in Uganda: Reflections and Emerging Opportunities
In the afternoon, a panel discussion featuring representatives from various financial institutions explored emerging opportunities in green finance: Virginia Ssemakula, from Equity Bank Uganda; Ronald K. Ssekajja, from dfcu Bank; Kwesiga Ainebyoona, from Bank of Uganda; Moses Bwire, from aBi Finance; and Sarah Fortunate, from Danish Embassy in Uganda. They discussed the need for standardised definitions of what constitutes a green business, advocating for enhanced collaboration between stakeholders to strengthen the green finance ecosystem.
Virginia Ssemakula, Equity Bank Uganda: “One of the challenges is the taxonomy, standardising what is green in these business and what qualify as green business, and what are the innovative ways of financing SMEs minus the collateral”.
As UGEFA looks ahead to the next five years, the forum underscored a collective commitment to fostering sustainable practices and supporting green enterprises that can contribute significantly to Uganda’s economic growth and environmental goals.
If you wish to collaborate with UGEFA, get in touch at: info@ugefa.eu
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