The Minister of Gender, Labour and Social Development Betty Amongi has launched Shs3.97 billion for Uganda Women’s Entrepreneurship Program and the Youth Livelihood Program.
The funds will benefit the people of Kyankwanzi, Mbarara, Rwampara, Kazo, Ibanda, Kyegegwa, Wakiso, Kamuli, Nebbi, Lira, Bududa and other districts in the country.
Started in 2015, Women’s Entrepreneurship Program is designed to address the challenges women face in undertaking economically viable enterprises including the limited access to affordable credit, limited technical knowledge and skills for business development, limited access to markets as well as information regarding business opportunities.
Launched in 2014, the Youth Livelihood Program was designed as one of the interventions of the Government in response to the high unemployment rate and poverty among the youth in the country.
Since the roll out of the program Shs116 billion has been disbursed to women enterprises and Shs169 billion for youth.
Amongi said Shs34. 7 billion had been recovered and that is what the ministry is disbursing this financial year. In the middle of the third quarter, we had recovery of about Shs9 billion. That means that people are not only borrowing but paying back.
She said cabinet sitting on March 28, 2022, chaired by the President Yoweri Museveni directed that any money that we collect back will now be flowed back into Uganda Women’s Entrepreneurship Program and Youth Livelihood Program.
“Youth and women do not have collateral to borrow. Some of the banks require land title; vehicle logbook to borrow. To benefit from this money, you just need collateral from group members that group members are standing and saying that we are borrowing in a group and within our group will make sure we lend amongst our members and as a group will recover and give it back,” she said.
She said this intervention for the vulnerable community doesn’t need to be anchored on collateral for them to get capital to start businesses. It has also shown that many people out there are willing to work hard so long as they can get a little capital that can give them some leverage to start businesses.
She said the majority of the people who have borrowed this money and utilize it have been able to graduate from Uganda Women’s Entrepreneurship Program and Youth Livelihood Program by borrowing from banks.
