Support SMEs to boost economic growth
Financial institutions have asked the government to innovate and mobilize resources to support the growth of Small and medium enterprises (SME).
The Retail Banking Director at Absa Bank –Uganda Musa Jallow says supporting the growth of small and medium enterprises is the answer to both economic growth and Job creation across the country where the majority of the population is composed of young people.
‘’ SME is the background of this economy and when SME cough and sneezes Uganda will catch cold, they deserve to grow to become better and stronger, they also deserve a partner not only in logistics but in finance too.’’ Jallow said.
Jallow While officiating at the signing of a memorandum of understanding between Absa Bank and DHL to grow opportunities for SMEs says data indicates that Small and medium enterprises represent a significant share of the country’s economy, as they constitute about 90% of the private sector.
He therefore asked credit institutions to partner with the government to innovate ways of funding SMEs sustainably.
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