Sub-counties to get prosperity funds

Jul 23, 2008

The Government will use the Uganda Cooperatives Savings and Credit Union to channel funds for the Prosperity-for-All programme to sub-counties, the finance state minister, Jachan Omach, has said.

By Godfrey Kimono

The Government will use the Uganda Cooperatives Savings and Credit Union to channel funds for the Prosperity-for-All programme to sub-counties, the finance state minister, Jachan Omach, has said.

Launching the union’s Ankole regional offices over the weekend, Omach said the institution would ensure that every sub-county opens a savings and cooperative society (SACCO).

In a speech read by Mbarara deputy resident district commissioner Keith Mugabi, Omach called upon the people to engage in profitable projects, which the Government would facilitate.

The union’s board chairman, Peter Welikhe, said SACCOs would be assisted to acquire loans for productive activities to boost domestic incomes.

“The role of the unions is to supervise and extend financial services to the cooperative societies. These offices are to open in different parts of the country.”

Welikhe said only hardworking people would benefit from the scheme.

Mbarara municipality MP John Kigyagyi commended the union for supporting SACCOs, saying it would help rural areas benefit from the programme.

Assistant commissioner for microfinance Henry Mbaguta said other institutions like Post Bank had joined the cooperative union to help the societies.

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