The funds, he added, will split among EAC member states with the largest chunk going to a member country with the largest portion of selected participants
A Shs22b (€5m) project has been launched with a call for small and medium enterprises (SMEs) engaged in the productive sector of the economy to take advantage of it.
The project, supported by the German government, seeks to enhance SME competitiveness and productivity to improve their capacity.
Speaking at the launch of the two-year project in Kampala early this week, Mr Gideon Badagawa, the Private Sector Foundation Uganda executive director, said the project will not only help small and medium companies to take off but will immensely contribute to economic growth.
Mr Eckhard Heine, the the German Development Agency (GIZ) advisor in Uganda, said focus will be put on improving business capacity and technical know-how of the private sector through associations such as Uganda Small Scale Industries Association and Uganda manufactures Association.
“Priority will go to those involved in productive sector of the economy. And depending on the success of the project more funding will be availed,” he said.
The funds, he added, will split among EAC member states with the largest chunk going to a member country with the largest portion of selected participants.
“Anything that [seeks] to increase productivity, competitiveness and innovation of SMEs whether at national or regional level is always interesting,” Mr Mubarak Nkuttu, the UMA director for membership services, said.