KAMPALA – The State Minister for Micro Finance, Mr Haruna Kasolo, has revealed that the Government will invest Shs110b in 18 registered Saccos in each district under the Presidential Initiative on Wealth and Job Creation.
Speaking at the launch of the initiative for greater Luweero districts in Luweero Town on Wednesday, November 20, Mr Kasolo said each of the Saccos will receive Shs30m as starting capital. Kasolo said as a result, each district will receive Shs570 million to support the Saccos. Under the initiative, the Saccos being targeted include those formed by boda boda cyclists, carpenters, tailors, mechanics, performing artists and fishermen, among others.
The minister warned politicians against misinterpreting the Presidential project for their selfish ends. “Most of the Sacco members have no savings culture yet the purpose of these funds is to boost the Saccos in their savings generated from the projects,” Kasolo said.
He said that unlike other initiatives, this is likely to succeed because it targets in specialized fields and only needs capital to boost their incomes.
Mr Ronald Ndawula, the Luweero district chairperson, welcomed the iniative, saying it will instill a saving culture among the people.
He urged the President to channel the money through the Microfinance Support Centre where they can give out affordable loans to individuals.
This is latest Presidential initiative in fight against poverty. Other initiatives include a special fund for Parish Community Association, Prosperity for All, Operation Wealth Creation, Youth, Elders, Persons Living with Disabilities and Women among others.
According to the Ministry of Finance, the government spends over 600 billion shillings on special grants aimed at fighting poverty.