Kabale Female Progressive Savings and Credit Cooperative Organization last week received a boast of Shillings 200million from prominent businessman King Caesar Mulenga.
Mulenga, the self-proclaimed King of the Mulenga Development Kingdom who was recently appointed Vietnamese Consular to Uganda, on Saturday donated the money to the SACCO in Kabale Municipality.
The SACCO was commissioned on the same day by Prime Minister Dr Ruhakana Rugunda.
The SACCO has 450 members and at the launch had Shs. 20 million in savings.
Promising to support their efforts to eradicate poverty, tycoon Mulenga urged the Sacco members to avoid corruption and misuse of the savings, which he said was the cause of collapse of most SACCOs and banks.
At the event, Mulenga revealed that he helped start up 6 SACCOs with Shs 1billion support in Kisoro district in 2004, and that these have since grown their assets to Shs 6billion.
Feddy Garyahandere, the chairperson of the Kabale Females Progressive Sacco praised Mr Mulenga for supporting women in the region. She said the Sacco will be giving out loans at low interest of 3% to women to start up income generating projects.
Prime Minister Rugunda while speaking as the guest of honor at the launch at Little Litz Hotel applauded the good gesture of Mulenga, adding that Uganda needed so many more of his kind.
“We as government would like to thank you for supplementing our efforts of helping the people out of poverty,” said the premier.
“Indeed your king of development.”