Standard Chartered bank through the Standard Chartered Foundation has unveiled a Shs 750 million cash boost 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 was unveiled at Kampala Serena hotel by minister of Agriculture, Animal, Industry and Fisheries Vincent Ssempijja.

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 coronavirus (COVID-19) 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.

"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." said Ssempijja.

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

The youthful farmers will be provided with a holistic package that includes; 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 Shs 2 million each to revive their businesses.

"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 Shs 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," said Albert Saltson, CEO Standard Chartered Bank Uganda.

Petra Van Haren country manager, ICCO Uganda said through interventions that focus on blending finance, climate-resilient food systems, new technologies and youth entrepreneurship, they seek to strengthen food and nutrition security and economic empowerment for smallholder farmers and SMEs.

She added that priority would 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.

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