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COVID -19
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Survey of impact of
COVID-19 on investment in Uganda
In April 2020, Uganda Investment Authority initiated an online survey to determine the impact of Covid-19 on investments and businesses in Uganda.
The survey aimed at discovering the impact on the workforce, business continuity plans and how the GOU response measures have affected business operations.
UIA Board Chairman Dr. Emely Kugonza reveals the survey findings and the planned mitigation measures .
E-conference to share
Status of Investments during the Covid-19 pandemic
On 14th June 2020, Uganda Investment Authority held an e-conference with various sector players on live on NTV Uganda to discuss the “New normal” and possible continuity steps.
UIA Acting Director General, Mr Lawrence Byensi shared the findings and next steps
Useful Resources
COVID-19 Virtual Business Survival Bootcamp
African Management Institute (AMI) is offering a free online bootcamp to help companies adopt to the new normal. The webinar dates are announced on a rolling basis with focus on Financial Forecasting and Cost Management in an Economic Slowdown.
Economic Support Measures
Government & Institutional Measures
Flexible tax payment terms & extension of filing tax returns
The Uganda Revenue Authority announced various continuity measures including extending the deadlines for filing of returns, accepting installments, waiving penalties etc. URA has durther extended the dealdine to June 2020.
NSSF extends amnesty to businesses
NSSF introduced a 3 months Amnesty to support businesses and employers facing economic distress as result of the COVID-19 pandemic and subsequent lockdown. The measure involves allowing employers to reschedule their social security contributions for the next three months without accumulating a penalty. This was futher extended to 6 months.
Ministry of Finance Resilence Packages
During the just concluded UIA E-conference, Hon. Evelyn Anite, the State Minister of Finance for Investment and Privatization highlighted that MOFPED is working on economic resilience packages.
She mentioned that the relief will be channeled through Uganda Development Bank and the Microfinance Support Centre for SMEs.
Bank of Uganda threatens cap on bank interest rates
The Bank of Uganda (BoU) has threatened to cap the interest that commercial banks can charge borrowers, after the industry failed to reduce loan rates in response to cuts in benchmark rates, according to a letter from its governor.
BoU cut its Central Bank Rate by 200 basis points to an all-time low of seven percent between April and June, to try to help jumpstart an economy battered by the impact of the coronavirus.
Tourism sector receives 6M Euros loan from EU
The Ministry of Tourism has negotiated a 6m Euro (25.2 billion) stimulus package from the European Union towards the private tourism sector for post lockdown operations.
This was disclosed by the Accounting officer of the Ministry of Tourism, Doreen Katusiime while interfacing with Members of Parliament on the Public Accounts Committee (PAC) .
Uganda Wildlife Authority (UWA) announces Tourism Incentives
Uganda has announced incentives to kick-start tourism recovery amid the COVID-19 pandemic that heavily impacted on the sector
Uganda Wildlife Authority (UWA), on Thursday announced price cuts, incentives on Gorilla tracking permits and filming fees.
Call for Applications for Tourism Intervention Fund
Uganda Development Bank (UDB) in partnership with European Union (EU) has allocated an approximate pool of UGX 61.8 Billion (UGX 40Bn UDB loan plus UGX 21.8Bn EU Grant) in form of a grant attached to a loan (also known as ‘facility’) to enable the sector soar through the hardship of COVID19. The facility seeks to stimulate businesses operating in the tourism sector, which has been heavily impacted by COVID-19 by providing a grant and soft loan with flexible terms aligned to the current needs.
Private grants & loans
Grants & loan facilities for businesses from private entities
Team Europe announce €178 million support to Uganda
Under the banner of Team Europe (#TeamEurope), European Union institutions and Member States are responding jointly to the COVID-19 crisis.. In Uganda, Team Europe’s immediate contribution to the fight against the COVID-19 crisis totals 53 million euros of grant support. In addition to this, Team Europe will be providing a total of 125 million euro of concessional loans and new lines of credit in support of the private sector. Additional actions are being planned, to ensure continuous support in the months to come.
UNCDF grants for SMEs in Northern Uganda
On 26th May 2020, UNCDF approved UGX 830 Million towards the new Small Business Recovery Fund to help SMEs in Northern Uganda secure money to overcome their liquidity problems. Small businesses will access working capital at zero-interest rate with a flexible repayment plan not exceeding 12 months. Under the recovery fund, Businesses can get up to UGX 40M based on the assessed individual businesses cash flow challenges.
Women in Technology Uganda (WITU) Business Plan Challenge
Women In Technology Uganda will be running a business plan competition that will provide micro loans of up to 1 million Uganda shillings to women owned businesses across Uganda.
Benefits
- Up to 1 Million shillings interest free loan. No security required.
- Business training ( online and physical)
- Free digital market platform to increase your sells
- Business consultants available up to 6 months
- Office space if needed for 1 year
- Access to their pool of investors
The business plan competition will be launched on 30th July 2020 together with our e-commerce platform. This is open to businesses owned and managed by women.
Kiva Covid-19 Loans
Entrepreneurs and businesses affected by the COVID-19 pandemic can apply for a loan through Kiva’s website. Your Loan gets posted on their website for lenders to support your business in these uncertain times. Various lenders crowdfund the loan in increments of $25 or more.
COVID-19 driven
Innovation & Import Substitution
Why should your start-up move to Uganda?
Uganda’s ecosystem is now included in the 2020 Global Start-up Ecosystem Report (GSER).
Start-up Genome is a world leading policy advisory and research organisation for public and private partnerships devoted to growing the success of start-up ecosystems. The report includes data and insights from 45+ ecosystems globally, now including the Ugandan Ecosystem.
The GSER highlights elements such as Uganda’s tech sub-sector strengths as well as reasons to invest in Kampala’s tech ventures and to move your start-up to Kampala.
An exciting highlight is that Uganda has been featured as a Top 15 Africa and the Middle East Ecosystem: Affordable Talent in the report.
The research also highlights that:
- Uganda created $57 million in Ecosystem Value over the last 2.5 years.
- A growing market, active tech hubs and government initiatives are good reasons for a start-up to move to Uganda.
- Fintech is a regional sub-sector strength of Uganda.
Ugandan start-ups re-defining E-commerce
Increasing market uncertainty has meant decreasing revenues for many small businesses.
However, a few innovative enterprises are doing their best to turn this crisis into an opportunity – not only to keep themselves afloat, but also to help consumers and other businesses ride out the pandemic with as little pain as possible.
Ugandan manufacturers convert Ethanol into sanitiser
Production of PPE & sanitiser doubles in Uganda in a new import substitution drive.
In March 2020, Uganda had only two factories making sanitizers compared to 107 factories today.
Prior to the pandemic, all masks were imported however Uganda now boosts of more than 10 large scale manufacturers of medical-grade masks and several other Small and Medium Enterprise (SMEs) making non-medical masks
Banks approve bigger chunk of loans to manufacturing sector in May 2020
Commercial banks approved more money in May compared to April with manufacturers receiving the biggest chunk of the loans than any other the sector, the Ministry of Finance has said in the performance of the economy report for June 2020. According to the report, commercial banks approved 589 billion Shillings loans in May compared to 491 billion Shillings approved in April.
Uganda starts exporting Mobile Phones
In May 2020, the State Minister for Investment and Privatisation, Hon Evelyne Anite, flagged off a consignment of 18,000 pieces of Made-in-Uganda mobile phones being exported to the North African country of Morocco.
The mobile phones, both smartphones and feature phones, are manufactured by Engo Holdings Group Limited, trading as Simi Mobile Uganda. It is an ICT manufacturing concern based at Uganda Investment Authority-operated Kampala Industrial and Business Park in Namanve.
Covid-19: Investors donate generously towards fight against pandemic in Uganda
Dozens of investors, other private sector players, institutions and individuals have risen to President Yoweri Museveni’s clarion call to contribute towards the fight against the coronavirus (Covid-19) pandemic.
On two occasions out of his several national addresses on measures against Covid-19, President Museveni has appealed directly to investors and all well-wishers to contribute generously towards Government’s efforts to combat the pandemic.
COVID-19 Case & Response Dashboard
OFFICIAL CASE MONITORING
For case updates and response, follow the Ministry of Health- Uganda .
Status of Lockdown
7:00pm to 5:30am
Airports & borders re-opened