The Stanbic Business Incubator Limited (SBIL) has today signed a new grant agreement with the Embassy of France in Uganda to finance its “Greentech Incubator and Accelearator for Entrepreneurship in Uganda” programme that aims to promote the development of a green, resilient and highly innovative economy for the benefit of Uganda’s youth and women in Kampala and the Albertine region.The signing ceremony was held at the French Residence in Kampala in the presence of H.E Virginie Leroy, Ambassador of France to Uganda, who signed on behalf of France, and Catherine Poran CE, Stanbic Business Incubator Limited who signed on behalf of SBIL.The Incubator was established in 2018 to help nurture and empower Small and Medium Enterprises (SMEs) in Uganda to become resilient and sustainable businesses.To date, the Stanbic Business Incubator has trained over 11,400 entrepreneurs and businesses into management strategy and also trained them into financial management, risk management, supported them to formalize & access finance, facilitated access to millions of dollars in funding and marketing opportunities.The Stanbic Green Tech Accelerator is a two-year initiative initiated and designed by Stanbic Business Incubator Ltd (SBIL) in partnership with the Embassy of France in Uganda to contribute to building a resilient, inclusive and sustainable economy, the project is estimated to cost €687,833,with a total estimated French grant of €450,000(1.8 billion UGX) of which €131,351 will be released as first installment .Stanbic Business Incubator Limited on its part is committed to co-financing the project to a tune 0f €237,833 (34.5%).Ambassador Virginie Leroy SBIL’s Catherine Poran The program aligns with Uganda’s vision 2024 and the Green Growth Development Strategy.Speaking at the event Catherine Poran Chief Executive Stanbic Business Incubator said, We are deeply grateful to the French embassy for their vision and trust in supporting in making this program a reality. Your investment is creating a transformative change in Uganda. Through this program, we anticipate to support north of 300 entrepreneurs to pilot and scale solutions, directly training over 1,000 entrepreneurs, ensuring at least 60% are women and youth”.“This long-standing presence, witnessing, supporting and evolving alongside Uganda is why we confidently assert Uganda is our home and we drive her growth. We have shared in the nation’s triumphs and challenges, standing shoulder to shoulder with its people, enterprises and community. This heritage grounds everything that we do”. Poran saidPoran said,” We’ve enabled entrepreneurs to participate in strategic sectors, agriculture, infrastructure, and each milestone represents jobs created, livelihoods transformed and communities strengthened. This is why we proudly say that we drive Uganda’s growth. And so, for the Green Tech Incubator and Accelerator, we extend this legacy into the green economy, enabling entrepreneurs to innovate, to solve climate challenges, but also create opportunities for growth for women, youth and farmers”.“Stanbic’s commitment is to sustainable inclusive growth through our positive impact approach focused on four strategic pillars. Financial inclusion, expanding access to financial services for undeserved population, enterprise growth, supporting SMEs with skills, infrastructure development, and of course, climate resilience. And in line with that approach, we have set a bold pledge to collaborate with the embassy to not only capacity build entrepreneurs into the green economy, but also, we will support them to access funding, especially for the women and the youth”. She saidShe said,” The Green Tech Incubator Accelerator is a tangible step towards fulfilling this drive. We would not be able to do this without the support of the French embassy. Your Excellency, on behalf of the Stanbic Business Incubator, we want to appreciate you for the support that you have extended to the incubator to fulfill this pledge in supporting the entrepreneurs”.“We invite other partners, especially the French embassy as well to deepen collaboration in mobilizing additional resources to scale initiatives that we have for women like Stanbic which continues to unlock opportunities for women across Uganda. Together we can accelerate Uganda’s transition to a green, inclusive and resilient economy. One where women, youth and farmers are not just beneficiaries, but active drivers of growth”. Poran addedH.E. Mrs Virginie Leroy, Ambassador of France said, The project will support more than Ugandan 200 youth and women SMEs (Small and Micro-Enterprises) in sectors like sustainable cities, green mobility, circular economy, waste management, renewable energies, water and health, and smart agro/agri technologies, by strengthening their capacities, facilitating their access to finance and markets and creating an environment that fosters their growth.Aaron AKampa, Head of Enterprise Banking at Stanbic Bank said, Our commitment to the initiative is to be there to provide some of the pipeline of SMEs that will be participating in this initiative. But beyond that, I think sometimes beyond the training is access to liquidity.“Thanks to Uganda Energy Credit Capitalisation Company (UECCC) for the funding, we as well have quite a big pool of liquidity on top of what they already have to provide these SMEs with the funding that they need. Renewable energy and green finance is a very important priority right from the Standard Bank Group. It’s one of the top three most important things that the group will be driving over the next five years”. AKampa addedThis is going to have to be a collective effort as we tackle the climate challenges of the future.Expected results: Acceleration (3-6 months): 130 SMEs in the green economy have a coherent business plan, a marketing strategy, and an HR recruitment plan.130 homesteads (50% women/30% young people) have acquired the knowledge and contacts necessary to develop their order books (creation of partnerships and strategic alliances) Incubation (6-18months): 70 selected entreprenuers (50% women/30% young people) in the green economy are able to develop their projects in the green technology (green tech) sector:Products improved following technical support from innovation hubs, Development of a coherent business plan and a marketing and communications strategy.Facilitating access to financing: Atleast 60 Ugandan SMEs in the green economy have access to financing in the form of loans, grants, or investments to develop their business (€300,000 blended finance facility)French commitment to employability:The project reaffrirms France’s long term commitment to supporting innovation, entrepreneurship and employability of Ugandans, particularly women and young people as evidence in the recent years by the Embassy’s support to women and young people in the agro-ecology and ecotourism sectors (2021 and 2023), 110 micro, small and medium sized enterprises via Stanbic Business Incubator Limited,500 women and young people in the hospitality and agroecology sectors through training, networking and support for young entrepreneurs under the youth employability project (2023-2025), six startups in the cultural and creative industries (animated films, video games, music, virtual reality and others) under the SPICE project (2024-2025)The post Stanbic Business Incubator, Embassy of France partner to train 200 start-ups in Renewable Energy. appeared first on The Insider.