Sh23b given to SACCOs
Jul 30, 2008
AT least sh23.4b of sh35b for the Prosperity-For-All programme (Bonna Bagaggawale) has been distributed to savings and credit cooperative organisations countrywide, micro-finance minister Salim Saleh has said.
By Joseph Wanzusi
AT least sh23.4b of sh35b for the Prosperity-For-All programme (Bonna Bagaggawale) has been distributed to savings and credit cooperative organisations countrywide, micro-finance minister Salim Saleh has said.
Bonna Bagaggawale, a government initiative aimed at eradicating- poverty, is implemented by Saleh’s ministry.
It gives out low-interest loans to sub-county-based savings and credit cooperative societies, popularly known as SACCOs.
Saleh said the funds were also being channelled through government programmes like the National Agricultural Advisory Services and soon, six households in each parish would be supported to establish model farms.
His message was contained in a speech read by privatisation state minister Rukia Chekamondo at the opening of the Uganda Co-operative Savings and Credit Union in Mbale on Saturday.
He added that the union would guide all the SACCOs in the 17 districts in the east.
He encouraged people in the region to join SACCOs to benefit from the Bonna Bagaggawale programme.
Saleh urged SACCOs to desist from levying high interest rates to encourage members to secure loans.
Primary healthcare state minister Emmanuel Otaala observed that eastern Uganda was lagging in the formation of SACCOs.
He added that according to survey, there were only 45 SACCOs in the 17 districts.
The state minister criticised local leaders who use their political positions to access loans from SACCOs and fail to clear them.
“Such people are sabotaging the Government’s development programmes. How can a Movement member or an LC3 chairperson borrow money but fail to pay back?†Otaala asked.
AT least sh23.4b of sh35b for the Prosperity-For-All programme (Bonna Bagaggawale) has been distributed to savings and credit cooperative organisations countrywide, micro-finance minister Salim Saleh has said.
Bonna Bagaggawale, a government initiative aimed at eradicating- poverty, is implemented by Saleh’s ministry.
It gives out low-interest loans to sub-county-based savings and credit cooperative societies, popularly known as SACCOs.
Saleh said the funds were also being channelled through government programmes like the National Agricultural Advisory Services and soon, six households in each parish would be supported to establish model farms.
His message was contained in a speech read by privatisation state minister Rukia Chekamondo at the opening of the Uganda Co-operative Savings and Credit Union in Mbale on Saturday.
He added that the union would guide all the SACCOs in the 17 districts in the east.
He encouraged people in the region to join SACCOs to benefit from the Bonna Bagaggawale programme.
Saleh urged SACCOs to desist from levying high interest rates to encourage members to secure loans.
Primary healthcare state minister Emmanuel Otaala observed that eastern Uganda was lagging in the formation of SACCOs.
He added that according to survey, there were only 45 SACCOs in the 17 districts.
The state minister criticised local leaders who use their political positions to access loans from SACCOs and fail to clear them.
“Such people are sabotaging the Government’s development programmes. How can a Movement member or an LC3 chairperson borrow money but fail to pay back?†Otaala asked.