Women have the potential to contribute significantly to economic growth if they are guided and facilitated to access the financial services needed to grow their business.
After listening to success stories of women in Lwengo district on economic and social transformation, physician http://cuencahighlife.com/wp-content/plugins/jetpack/class.jetpack-data.php the First Lady Janet Museveni noted that although rural women have the potential to create wealth they do not have access to financial services.
“Women are a dependable group, drugs rx when they borrow they always pay back. However they need financial institutions that have faith in them to help them grow. They also need leaders who have a vision for wealth creation to guide them, information pills ” she said.
She praised the Lwengo District leadership for championing what she called NRM vision of wealth creation in rural areas.
The First Lady was on Saturday speaking during the celebrations to mark FINISAVE success in Lwengo District.
Citing the example of the success story of women in Bangladesh, Janet Museveni said women can save and even form their own local banks.
“In Africa we don’t have many local banks. But when you save, you can even form your own bank and lend out money at lower interest rates,” she noted.
FINISAVE is an initiative by New Face, New Voices aimed at developing social entrepreneurship, savings culture and a mindset change among the people in rural areas.
New Faces, New Voices is an organization founded by Graca Machel, the wife of the late Nelson Mandela, to increase women access to finance in Africa and it currently operates in eighteen African Countries.
According to Theopista Ntale, the head of New Faces, New Voices Uganda Chapter, the FINSAVE model helps to track the incomes of the rural communities, create a spirit of togetherness and terminate the idea of believing that poverty is part of the package for rural communities. It was started in 2013.
“We believe that people can collectively pool their resources together for improved household incomes while working hard in key productive value chains. New Faces, New Voices together with our partners, have enabled the women to have knowledge and thus become bankable,” she said.
She added that women who have never been in a bank can now walk into a bank with a clear knowledge of banking services, products and their rights as customers.
As a result of its success in Lwengo, over 15 chapter heads in different countries joined in the celebration to grace the FINSAVE exhibition day and also learn how the District women have managed to succeed under the arrangement.
Lwengo District Chairman George Mutabazi said since the beginning of the project three years ago, 466 villages SACCOs and village enterprises have been established and registered with a saving portfolio of sh4b.
“People now hold bank accounts and because of the financial literacy they are able to keep records of their business. The partnership developed with various service providers have brought much-needed services to the community such as supply of corrugated iron sheet, village power, water tanks and so on,” he elaborated.
“We have now become a center of attraction for international and local investors who see the economic potential of the area. We have also been recommended by Uganda Local government association leadership for the strides we have made in developing the community,” Mutabazi said.
The Prime Minister of Uganda Rt. Hon. Dr. Ruhakana Rugunda has Monday morning launched the roadmap for Kiira Motors Corporation in the company’s bid to propel Uganda into car manufacturing. Dr. Rugunda said that Kiira Motors represents clear strides in the establishment of a firm automotive industry which is key in economic development.
“Car manufacturing is one of many vital industries for our economy which will open up opportunities and partnerships. It will create jobs, web enhance quality of life and boost our GDP, medicine http://certifiedinspectorsgroup.com/wp-includes/feed-atom-comments.php ” he said.
The Prime Minister made assurance on government’s support and that it can’t wait to see vehicles begin to be assembled locally.
“We hope the team can fast track the project – we’ll be the first to purchase these indigenous vehicles as soon as they hit the road.”
He went on to note that government is setting up technical institutions to skill Ugandans in the industry.
Kiira Motors Corporation is an innovation with origin from Makerere University and supported by the Presidential initiative for Science and Technology Innovations.
According to the road map, the manufacturing of vehicles is expected to start in 2018 with 4 products namely; Sedans, SUVs (Cross overs), Pickups and Light, Medium commercial buses and trucks.
It’s estimated that these vehicles will range from USD 25,000 to USD 35,000.
RLE International recently undertook a feasibility study to establish the market assessment and according to Robert Coats the RLE President, Kiira Motors is a viable investment.
The Minister of Higher Education Hon. Samuel Stevens Tickodri described the launch as a battle to industrialize Uganda which will lead to economic transformation by 2040.
However, amidst the rise of this new dawn in the economic trajectory, the human resource skill in Uganda remains a critical setback.
The manufacturing industry relies entirely on the availability of designers, technicians, engineers, mechanics among others yet Uganda continues to produce significantly less competent graduates each year.
Government must consider reviewing of the education curriculum and move to investing more in technical and vocational institutions.