aBi Launches Shs7.5bn Green Challenge Fund To Support SMEs
The Green Challenge Fund is open to all actors that make contributions to aBi-supported priority value chains and have innovative and green ideas, private sector agribusinesses, NGOs, scientists, researchers, and start-ups. It will run for 12 – 18 months depending on the nature of the project.
The Agriculture Business Initiative (aBi) has announced the roll-out of the Green Challenge Fund to support SMEs and farmers to increase their resilience to climate change.
aBi CEO Mona Muguma-Ssebuliba said the Green Challenge Fund worth Shs7.5 billion will support partnerships through green agribusiness investments for Climate Change Adaptation, Mitigation and Biodiversity Conservation to further contribute to economic growth, job creation and improved incomes.
She said the Fund will also promote the development of methods and systems that address green challenges in agriculture and to promote a green agri-food system. She explained that while this is a pilot project, their vision is to scale it up to Shs20 billion by 2023. This, she said, will impact more SMEs and smallholder farmers and the supported agricultural value chains,” she said.
She elaborated that Uganda’s agriculture is experiencing a rapid decline in its growth rate mainly because of the effects of climate change. She further explained that the population’s dependence on agriculture combined with changing climate patterns and unsustainable land management contributes to the country climate change vulnerability.
The Green Challenge Fund is open to all actors that make contributions to aBi-supported priority value chains and have innovative and green ideas, private sector agribusinesses, NGOs, scientists, researchers, and start-ups. It will run for 12 – 18 months depending on the nature of the project.
