By Juliet Nalwooga & Moses Ndhaye
The Uganda Development Bank (UDB) has unveiled a Shs50 billion Climate Finance Facility (CFF) to promote a green economy.
The initiative is aimed at aiding private investments in local green sectors and will speed up the mobilization of funds towards climate-resilient projects.
Speaking at the launch held in Kampala, the secretary to the Treasury, Ramathan Goobi said that in a world where most people rely on nature for economic activities, the initiative is strategic and timely as another commitment to devise mechanisms to address the threat of climate change.
Goobi says with the CFF initiative in place, factory proprietors have been offered a support window to be more intentional about investing in climate-smart businesses that will ensure development in a long run.
The CFF is a green financing programme designed to mobilize capital from domestic and external sources for low-carbon and climate-resilient investments.
The Uganda Development Bank managing director, Patricia Ojangole while unveiling the facility saID over 70% of Ugandans depend heavily on small and medium-sized enterprises for employment, and yet such enterprises have less capacity to withstand financial shocks including the effects of climate change.
She says the facility targets investments in climate change smart agriculture, and low-carbon industries among others.