On Friday, October 13, 2023, a new fund of $485 million (Shs1.7 trillion) was announced, offering opportunities for micro, small, and medium-sized enterprises in Uganda. The fund aims to create job prospects for both refugees and host communities.
The fund’s creation followed a report titled “Assessment of Private Sector Investment and Youth Work Opportunities around Persons of Concern and Host Communities in Uganda,” launched by the Private Sector Foundation Uganda in collaboration with the Mastercard Foundation. The report revealed significant potential for private sector investments in persons of concern and host communities, particularly in sectors such as agriculture and wholesale trade.
Apart from agriculture and wholesale trade, other investment prospects include tourism, hospitality, financial services, energy, lighting sectors, and vocational skills training. Mr. Stephen Asiimwe, the PSFU executive director, announced the establishment of a support desk to assist refugees and encourage businesses to take advantage of these opportunities. This initiative aims to empower local businesses and improve the livelihoods of refugees.
Uganda currently hosts approximately 1.5 million refugees in various regions of the country. The approach has shifted towards providing refugees with both financial resources and skills to lead more meaningful lives. Mr. Asiimwe noted that refugees are staying for longer periods, necessitating their involvement in activities such as farming, agri-business, manufacturing, and professional services, among others.
Gerald Emoyo, the UNHCR livelihoods officer, emphasized the importance of offering economic opportunities to refugee settlements before providing humanitarian assistance. This involves providing land for farming and creating markets for the products produced in these settlements.
