Ugx. 750 Million Donation to Support Youth in Agribusiness-Standard Chartered Bank
Africa Agribusiness

Ugx. 750 Million Donation to Support Youth in Agribusiness-Standard Chartered Bank

Kampala – Uganda – Standard Chartered Bank through the Standard Chartered Foundation donated Ugx 750,000,000 (Seven hundred and fifty million shillings) to support 600 Youth in Agribusiness as part of the “Futuremakers By Standard Chartered” programme.

The programme that will be implemented by its NGO partners; ICCO Cooperation and Youth Business International through their ‘High Flyer program’ was unveiled during a press launch that was held at Kampala Serena Hotel in the presence of Hon. Vincent Ssempijja, Minister of Agriculture, Animal Industry and Fisheries.

The donation is earmarked to support micro, small and medium agri-businesses in Northern Uganda districts of Lira and Nebbi that have been negatively impacted by the economic downturn caused by the pandemic and further escalated by the slow recovery process that has had far-reaching effects for vulnerable groups like; women, refugees and persons with disabilities.

The project aims to support the re-establishment of 600 young entrepreneurs in Nebbi and Lira districts whose micro and small businesses were hard-hit by the COVID-19 pandemic by ensuring that a diverse range of young entrepreneurs continues to contribute towards a richer, more varied and more resilient economy for everyone. 

To support them, we will provide a holistic package of support that will include; entrepreneurship, business development and digital marketing skills training, linkages to finance and new markets, mentorship and recovery cash grants to facilitate the efficiency and sustainability of their businesses.

100 of the most vulnerable youths will receive cash grants worth Ugx 2 million each to revive their businesses.

Albert Saltson, the Chief Executive Officer, Standard Chartered Bank Uganda in his remarks said;

Our donation today through the Standard Chartered foundation is a continuation of our COVID-19 emergency relief measures that we embarked on last year that culminated into the donation of Ugx 1.6 billion through over 8 NGOs to support various communities navigate and stay afloat during the pandemic.

These funds will be used to reach some of the most vulnerable people in Lira and Nebbi as in any crisis, the young and the most vulnerable suffer disproportionately.

It is therefore with great pleasure that I announce our funding of UGX Seven Hundred Fifty Million (USD 200K) towards the Youth in agriculture project in Lira and Nebbi District in Northern Uganda in partnership with ICCO and Youth in Business International.

We have stepped up to go beyond banking. We have a track record of a long history of supporting and empowering the communities in Uganda for the 109 years we have been in existence in Uganda.

This attests to our brand promise “Here for good” and our values that indeed we are #BetterTogether.

Truly, there has never been a better time for different players to come together not only to jointly fight against the Covid 19 pandemic but to also seed sustainable projects that will secure the future of the youth and open social and economic opportunities including job creation.”

Petra Van Haren Country Manager – ICCO Uganda while delivering her remarks during the launch at Serena Hotel commented;

ICCO is a Dutch international organization with a vision of empowering people that build sustainable livelihoods within a society that upholds their rights.

Through interventions that focus on blending finance, climate-resilient food systems, new technologies and youth entrepreneurship, we seek to strengthen food and nutrition security and economic empowerment for smallholder farmers and SMEs.

In partnership with YBI, our High Flyers program has to date been able to facilitate the transition of over 500 youth start-ups in Northern Uganda from micro-enterprises to small businesses through targeted mentorship and training.

We are excited about the partnership with the Standard Chartered Foundation as it will boost our program capacity to further strengthen the resilience of young entrepreneurs with critical adjustment skills that can contribute to economic recovery in Northern Uganda after the COVID-19 pandemic.

Priority will be given to traditionally disadvantaged business owners who have been particularly affected by the COVID-19 economic crisis, including rural, micro and female entrepreneurs, business owners with disabilities and visual impairments and those excluded from the formal sector.” She concluded

Anita Tiessen, Chief Executive Officer of Youth Business International, added:

“As the ongoing effects of the pandemic continue to cripple economies and disrupt normal business operations, young entrepreneurs, especially those running smaller businesses and from underserved communities have been hardest hit.

I’ve been inspired by the response of our network, supporting more than 200,000 businesses through COVID last year.

The struggle is far from over for many and I’m delighted that YBI with Standard Chartered Foundation’s new funding will help us expand and continue this crucial work and help more than 33,000 underserved young entrepreneurs not only in Uganda but in six countries across Africa, Asia and Europe to get the support they need to survive and thrive to contribute towards a richer, more varied and resilient economy for everyone.”

Hon. Vincent Ssempijja, Minister of Agriculture, animal industry and Fisheries on his part said;

I commend the efforts of Standard Chartered Bank, ICCO Uganda and YBI for the timely support towards the youth who are grappling with the devastating impact of the pandemic and for supplementing the Government of Uganda efforts by investing the Ugx 750 million in this youth programme that will tackle inequality and promote greater economic inclusion for young entrepreneurs in Nebbi and Lira.

It is commendable that you are supporting and empowering disadvantaged youth in agri-business so they can be empowered as change agents, employers and skilled entrepreneurs who will transfer the skills learnt.

I appeal to the beneficiaries to put the skills and recovery cash grants they will receive to good use. Be good stewards and ensure your impact in your districts is far-reaching and is felt for the good of the entire community and our country.