Countries and organizations in Europe under their aegis of Team Europe have announced their intention to provide 125 million euros (about 518 billion shillings) in loans to help Ugandan small and medium-sized businesses recover from the impact of the coronavirus.
“We are planning a package to provide access to credit to small and medium-sized enterprises in the sectors most affected by the crisis. This package will also encourage new partnerships between Ugandan and European entrepreneurs,” Team Europe said in a statement.
Here Is What You Need To Know
- Support for small businesses will go through local banks. The timetable for companies to start making money is not yet clear. In the same statement, Team Europe claims that its grants to the Ugandan government to fight the coronavirus have reached 219 billion shillings.
- Team Europe includes several countries and organizations such as the European Union delegation, European financial institutions such as the European Investment Bank and the German Development Bank, civil protection and humanitarian aid operations (ECHO) among others .
- This includes the € 30 million that the EU granted to Uganda in April. They hope their contribution will contribute to the purchase of personal protective equipment, PCR machines, additional test kits, mobile laboratories and infrared thermometers to support front-line workers in their fight against the spread of COVID. -19.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer