Monday, July 15, 2024
Home > News > Minister Kasolo: Emyooga Will Return Kampala’s Lost Economic Glory
News

Minister Kasolo: Emyooga Will Return Kampala’s Lost Economic Glory

The state minister for microfinance, Haruna Kasolo Kyeyune has said the emyooga program will restore Kampala to its former glory.

Kasolo made the remarks on Monday while launching the program in Makindye and Rubaga divisions.

“Kampala no longer shines like those days when it was known for money-making where people who originated or stayed in the city were respected,” Kasolo said adding that the city is no longer the envy of many upcountry because of lack of money.

“Before, you would come to Kampala expecting to get money but that has changed,” he went on.

Kasolo, however said, the emyooga program provides Kampala the chance to reclaim its place.

Local leaders in Makindye listen to Minister Kasolo give a lecture on the benefits of the emyooga program

Kasolo was meeting leaders in both divisions to launch the program.

He also said politicking is killing Kampala and urged leaders to put aside their political differences for the success of the program.

Emyooga is a presidential initiative on wealth and job creation.

The programme was conceived to scale up direct support to communities through establishment of various specialized funds/Myooga-specific Apex SACCOs at constituency level but with operations/branches at parish level. This approach is consistent with the parish model adopted in the National Development Plan 3.

It targets Ugandans from 18 clusters including Boda boda riders, taxi drivers, restaurants, welders, market vendors, women entrepreneurs, youth leaders, people with disabilities, journalists, performing artists, veterans, fishermen, and elected leaders who form saccos and each gets shs30 million as seed capital.

Microfianance Support Centre ED, Hellen Petronilla Masika (R) at the Rubaga launch on Monday

As part of the arrangement, shs30m has been earmarked for each SACCO as seed capital while SACCOs involving leaders will get shs50m.

850 SACCOs are set to be formed in Kampala alone as government seeks to end poverty by creating jobs and wealth.

Kasolo and the Microfinance Support Centre team have been traversing the country, explaining to Ugandans the program and its benefits.

He revealed that shs40bn has been earmarked for Kampala and Wakiso districts.

The program was also launched in Rubaga division

The head of the Microfinance Support Centre, Hellen Masika Petronilla said people can expect the finds beginning next week.

Direct membership to the Constituency Apex SACCOs shall be by the respective parish groups/associations which, in turn, shall draw voluntary membership from individuals in the community engaged in a related economic activity (e.g. Welders, Tailors) or belonging to a specific special interest group (e.g. PWDs, Veterans), as applicable.

The Finance Ministry provided Ushs. 30 billion in the FY 2019/20 to MSC towards implementation of the EMYOOGA programme and Ushs. 210 billion has been provided for the current financial year. This Quarter, Ushs. 140 billion has already been disbursed to MSC for programme implementation.

Leave a Reply

Your email address will not be published. Required fields are marked *