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Inqo Investments Ltd on Thursday announced a collaboration with Belmont University, Nashville on its Conservation and Rural Enterprises project.
The South Africa-focused investment firm said the project aims to tackle environmental and social issues around the Budungo Forest in Uganda by using enterprise.
The CARE project will invest in small and medium sized businesses over the next three years, using a $4 million grant, Inqo said.
The company said that Budungo Forest - home to more than 600 endangered chimpanzees - faces threats including illegal meat bush poaching, deforestation for charcoal production and increasing population pressure around the forest.
‘The CARE project is designed around the belief that social and environmental issues are interrelated and that poverty is the main cause of deforestation in this region,’ Inqo said.
The project will provide alternative employment to bushmeat poaching and charcoal production, the company said.
Inqo added that enterprises it is exploring include an eco-lodge, sustainable agriculture, agri-processing and a solar induction cook stove assembly plant.
Inqo shares were unchanged trading at 65.00 pence per share on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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