Businesses seek US$28m from UK-funded programme

Kampala, Uganda | THE INDEPENDENT | In November this year six selected businesses from the UK-funded Climate Finance Accelerator (CFA) Uganda will seek over US$28 million in funding as they pitch their innovative low-carbon projects to investors, officials said on Sept.26.

These six new businesses, chosen from more than 140 applicants, are part of the second phase of CFA Uganda’s capacity-building programme, which aims to connect them with investment opportunities. The projects span various sectors including waste, transport, energy, and agriculture, forestry, and other land uses (AFOLU), all with the potential to benefit communities and reduce carbon emissions across Uganda.

The businesses will receive tailored support from Ugandan and international experts on financial, technical, and gender equality and social inclusion (GESI) issues. This support will include guidance on financial models, creating effective pitch materials, and improving the GESI components of their projects. In addition to the six selected businesses, four others have been invited to participate in CFA webinars as affiliate members to strengthen their projects for future CFA applications.

Chargé d’Affaires Philip Smith expressed his excitement about the new cohort: “After the success of CFA Uganda’s first phase earlier this year, I am delighted that we have been able to move so quickly to select six exciting new businesses. The entrepreneurs leading these projects are embarking on a challenging but rewarding journey, and I am confident they will see the benefits as they seek investment for their ambitious, climate-resilient projects.”

Following the mentoring sessions, the project developers will gather in Kampala in November for an in-person event with investors, where they will pitch their projects and receive detailed feedback. Additionally, both the current and previous cohorts of CFA Uganda will participate in a virtual event with regional investors. In December, four projects will travel to London to pitch to investors in the City of London, leveraging CFA’s global track record of facilitating lasting connections between projects and potential investors.