The Stanbic Business Incubator Limited (SBIL) has entered into a new grant agreement with the Embassy of France in Uganda to fund the Green Tech Incubator and Accelerator for Entrepreneurship Program.
This program is aimed at empowering youth and women in the Kampala Metropolitan Area and the Albertine Region, with a focus on developing a green, resilient, and innovative economy.
The agreement was signed by Mrs. Virginie Leroy, the French Ambassador, and Catherine Poran, SBIL’s Chief Executive, at the French Embassy in Kampala on Tuesday. Ambassador Leroy emphasized, “This project will support over 200 Ugandan youth and women entrepreneurs in sectors such as sustainable cities, green mobility, circular economy, waste management, renewable energy, water and health, and smart agro/agri technologies. It will strengthen their capacities, ease their access to finance and markets, and create an enabling environment for their growth.”
The Stanbic Green Tech Accelerator, a two-year initiative, is set to cost €687,833, with the French Embassy contributing €450,000 (about Shs1.8 billion), of which €131,351 will be released in the first installment. SBIL will co-finance the project with €237,833, covering 34.5% of the total cost.
Poran expressed gratitude to the French Embassy, saying, “We are deeply thankful for your vision and trust in making this program a reality. Your investment is driving transformative change in Uganda. Through this program, we expect to support over 300 entrepreneurs in piloting and scaling solutions, directly training over 1,000 entrepreneurs, with at least 60% being women and youth.”
Established in 2018, the Stanbic Business Incubator aims to nurture and empower SMEs in Uganda, helping them become resilient, sustainable businesses. It is part of Stanbic Uganda Holdings Limited, which is a subsidiary of Standard Bank Group, Africa’s largest lender by assets.
To date, SBIL has trained over 11,400 entrepreneurs in management strategies, particularly financial and risk management. The Incubator has also helped businesses formalize, access finance, and facilitated millions of dollars in funding and marketing opportunities.
The new program is aligned with Uganda Vision 2040 and the government’s Green Growth Development Strategy.
Commenting on Standard Bank Group and Stanbic’s long presence in Uganda since 1906, Poran said, “Our long-standing presence in Uganda and our shared experiences make us confident in saying ‘Uganda is our home and we drive her growth.’ We have supported the nation’s triumphs and challenges, working alongside its people, enterprises, and communities. This heritage drives everything we do.”
She added, “We’ve enabled entrepreneurs to engage in strategic sectors like agriculture and infrastructure, and each milestone represents jobs created, livelihoods transformed, and communities strengthened. Through the Green Tech Incubator and Accelerator, we are extending this legacy into the green economy, helping entrepreneurs innovate, tackle climate challenges, and create opportunities for growth, especially for women, youth, and farmers.”
The French Embassy’s contribution underscores its long-term commitment to supporting innovation, entrepreneurship, and the employability of Ugandans, particularly women and young people. This is evident from the Embassy’s recent support to various sectors, including agroecology, ecotourism, and cultural industries such as animated films, video games, and music.
Aaron Akampa, Head of Enterprise Banking at Stanbic Bank, emphasized the bank’s role in providing access to liquidity for the initiative. He stated, “Beyond training, we recognize the need for access to finance, and with support from Uganda Energy Credit Capitalisation Company, we are well-positioned to provide funding for these SMEs. Renewable energy and green finance are top priorities for Standard Bank Group over the next five years.”
The program will consist of two phases:
- Acceleration Phase (3–6 months): 130 SMEs will develop business plans, marketing strategies, and HR recruitment plans.
- Incubation Phase (6–18 months): 70 entrepreneurs will receive support to improve their products and develop business plans, marketing strategies, and communications.
At least 60 Ugandan SMEs in the green economy will gain access to loans, grants, or investments through a €300,000 blended finance facility.
This initiative is part of a broader effort by the French Embassy to promote sustainable development and empower Ugandan entrepreneurs, particularly women and youth, across various sectors.