Youth to get up to sh5m start-up loans
THE Government is to give up to sh5m to each youth to start or expand their business, the trade and industry minister Amelia Kyambadde has revealed.
By Anne Mugisa
THE Government is to give up to sh5m to each youth to start or expand their business, the trade and industry minister Amelia Kyambadde has revealed.
In a statement to the parliamentary committee on trade and industry, Kyambadde explained that the money is part of the sh25b allocated by the Ministry of Finance in this years’ budget.
The money will be channeled through the Youth Entrepreneurship Venture Capital Fund in partnership with dfcu Bank.
According to information provided to the committee, the ministry of Finance has also allocated sh3.5b to train the youth to enable them expand or create their own businesses. The training is to be conducted by Enterprise Uganda.
Reviewing the ministry’s policy statement yesterday, the MPs however questioned the criteria used to select DFCU Bank to disburse the project funds.
The MPs wondered whether the selection exercise followed the public procurement procedures.
The committee chaired by Stephen Kagwera argued that dfcu does not have branches all over the country, making access hard for the youth in rural areas.
“The minister needs to explain to us how they selected this bank yet there are districts like Kotido, Yumbe and Bundibugyo where dfcu does not have branches. How will the youth in these areas access the money?†Kagwera asked.
Central region youth MP Patrick Nakabale and Kasese MP James Mbahimba said the minister should also explain the criteria used to select Enterprise Uganda to train the youth.
“The money for training should be given to the youth to start businesses. Most successful business people were never trained,†Mbahimba said.
Members proposed that the training should be conducted by government institutions like Makerere Business School.
THE Government is to give up to sh5m to each youth to start or expand their business, the trade and industry minister Amelia Kyambadde has revealed.
In a statement to the parliamentary committee on trade and industry, Kyambadde explained that the money is part of the sh25b allocated by the Ministry of Finance in this years’ budget.
The money will be channeled through the Youth Entrepreneurship Venture Capital Fund in partnership with dfcu Bank.
According to information provided to the committee, the ministry of Finance has also allocated sh3.5b to train the youth to enable them expand or create their own businesses. The training is to be conducted by Enterprise Uganda.
Reviewing the ministry’s policy statement yesterday, the MPs however questioned the criteria used to select DFCU Bank to disburse the project funds.
The MPs wondered whether the selection exercise followed the public procurement procedures.
The committee chaired by Stephen Kagwera argued that dfcu does not have branches all over the country, making access hard for the youth in rural areas.
“The minister needs to explain to us how they selected this bank yet there are districts like Kotido, Yumbe and Bundibugyo where dfcu does not have branches. How will the youth in these areas access the money?†Kagwera asked.
Central region youth MP Patrick Nakabale and Kasese MP James Mbahimba said the minister should also explain the criteria used to select Enterprise Uganda to train the youth.
“The money for training should be given to the youth to start businesses. Most successful business people were never trained,†Mbahimba said.
Members proposed that the training should be conducted by government institutions like Makerere Business School.