EU to work directly with private sector instead of Ugandan government

Source: Daily Monitor

The move sets a new agenda in which the Board of the Sustainable Business for Uganda co-chaired by EU Ambassador to Uganda Pacifici and Private Sector Foundation Uganda (PSFU) chairman Elly Karuhanga will provide leadership on trade and investment.

In a joint statement last week, Mr Karuhanga said under the new programme, PSFU will bring EU companies closer to the private sector to enhance Uganda-EU trade opportunities.

Previously, the EU has been working with government to channel assistance, especially through   Uganda Development Bank.   

In the statement Amb Pacifici said they had put together different funding instruments that will be made available to the private sector to benefit both Ugandan and EU companies.    

This will mainly be done through the Board of the Sustainable Business for Uganda by encouraging participation of both Ugandan and EU private sector players in skilling and making them aware of high-level engagements between government and the EU.

The board will also be in charge of endorsement of developed and proposed programmes under the initiative.  

“The EU is progressively upgrading efforts to encourage private companies operating in Uganda to invest in green and create decent jobs, particularly for the youth,” Amb Pacifici said, noting that key focus will be put on e-procurement, digital services and corporate governance to assist to advance the fight against corruption.

Already, the Board of the Sustainable Business for Uganda has endorsed a programme which will seek to respond to Covid-19 related disruptions and promote EU-Uganda business interests.

The programme will, in the immediate, seek to develop skills and ease access to financing, especially the youth.

Speaking in an interview last week, Ms Ruth Biyinzika Musoke, the PSFU head of skills development facility, said the Shs22b, which has been made available for skilling will, among others, seek to improve cognitive skills of the young graduates seeking employment. 

Mr Karuhanga noted EU and Uganda will also collaborate in digitisation, green energy and finance, smart agriculture, ecotourism and sustainable exploitation of natural resources.

Green investment

Set up in March 2020, the Board of the Sustainable Business for Uganda seeks to help in creation of a sustainable and conducive to green investment environment.