The Uganda Bankers Association (UBA) has partnered with the International Finance Corporation (IFC) to train financial institutions and small and medium-sized enterprises (SMEs) in Uganda to help them build financial strength and resiliency to better meet the challenges of the COVID-19 crisis.
According to an official statement, the training will equip 32 financial institutions with knowledge, tools, and techniques to help them meet the current economic challenges.
Roughly 500 SMEs are expected to participate and learn about navigating the challenges of lockdowns and reduced trade.
The training will be provided online over the next six weeks, says the statement.
"This partnership is timely and is in line with our mission to promote a sound banking environment and drive financial inclusion through financial literacy initiatives," Wilbrod Owor, the executive director of UBA, said.
"We are excited to work with IFC to roll out these training sessions, which will help achieve growth, sustainable development, and poverty reduction in Uganda."
IFC is a longtime champion of the private sector in Africa and its experience will help Ugandan businesses navigate the difficult waters of COVID-19.
"The virtual trainings on stress testing and SME crisis management are part of broad actions by the World Bank Group to support economic recovery efforts during the COVID-19 pandemic," Dan Kasiyre, IFC Resident Representative for Uganda and Rwanda, said.
The webinar trainings for financial institutions include stress testing to help banks assess the impact of COVID-19 on their portfolio and support their risk mitigation.
The SME webinars will cover topics such as accessing finance during crises, adjusting business plans, communicating with stakeholders, and digital sales, marketing and promotion. Recordings of the SME training webinars will be broadcast on UBC TV, Uganda's public broadcaster.
The World Bank has predicted that Africa will suffer its first recession in 25 years because of the COVID-19 pandemic, which has disrupted trade, travel, and business activity worldwide, including in Uganda.
IFC launched an $8-billion fast-track financing facility in March to assist companies and countries in their efforts to prevent, detect, and respond to the rapid spread of COVID-19.
As of July 31, IFC had invested several hundred million dollars supporting African partners through this facility.
