MINISTER Prof. Mondo Kagonyera has advised MPs to set up micro-finance intermediary agencies in their constituencies to enable their people access credit under the Governmentâ€™s programme, writes Vision Reporter.
Kagonyera, speaking in Parliament yesterday, said the Office of the Prime Minister would help them set up micro-finance intermediary agencies. He was responding to queries by MPs during the general debate on the budget.
He said his office was running the Micro-finance Support Centre Ltd, which is providing micro-finance to local people through intermediary agencies. He said the company, however, lends money to the intermediary agencies, which in give out loans. He said the African Development Bank (ADB) funded the project but did not give the amount of the money.
The minister said 60% of the money is supposed to be lent to women and marginalised groups. He pointed out that there were other private organisations also providing micro-finance.