The government of Uganda has kicked off the implementation of the Generating Growth Opportunities and Productivities for Women Enterprises (GROW) project.
While launching the project on Wednesday, August 28, 2024, at Hotel Africana, the State Minister for Finance Planning and Economic Development, Henry Musasizi, urged beneficiaries to embrace the World Bank-funded initiative that will offer them quick and affordable loans.
The Grow project is a World Bank-funded initiative of the government of Uganda with a huge investment of over 217 million USD as support to increase access to entrepreneurial services that enable female entrepreneurs to grow their businesses.
He says it will directly spur productivity among women entrepreneurs and enhance economic growth, adding that the facility is a revolving fund.
Musasizi stressed the government’s commitment to work with the World Bank and other partners, including the Private Sector Foundation Uganda and PSFU, to improve livelihoods through supporting women’s enterprises.
“The project aims at increasing access to funds to help women build their businesses. The Grow project complements other existing government programs such as Emyooga, the Parish Development Model, and Operation Wealth Creation, among others,” said Minister Musasizi.
Kate Kiiza, the executive director of DFCU Bank, said that the Grow loan will start from Shs4 million up to Shs200 million at 10% interest per year.
The Grow Loan is available at Stanbic Bank and Equity Bank, Finance Trust Bank, DFCU Bank, Centenary Bank, and Post Bank.
Annet Kigundu, the Executive Director of Finance Trust Bank, pledged that the Grow loan service will be available at all branches in the country.
The Grow Project is being implemented by the Ministry of Gender Labour and Social Development and the Private Sector Foundation Uganda (PSFU) and it arose out of the need to respond to the needs of women entrepreneurs who want to grow their businesses, sustain their self-employment, and create more jobs.
GROW’s Project Development Objective (PDO) is to increase access to entrepreneurial services that enable female entrepreneurs to grow their enterprises in targeted locations, including in refugee-hosting districts (RHDs).
The project is implemented using a “wrap-around” approach comprising a package of integrated services under four components.