Youth leaders have appealed to legislators and the public to support the proposed Youth Development Bank (YDB) Bill that is aimed at setting up a youths-only bank that will save the youth from financial struggles.
The youths led by Wakiso NRM Youth Chairperson, Andrew Kiryowa flanked by Kanungu Woman MP, Elizabeth Karungi Beikirize defended the bill as the only real opening for youths to be economically empowered.
The proposed bill is currently on consultation level where the pushers are engaging the different stakeholders.
Kiryowa said the bill will provide for a financial institution dedicated to addressing the needs of the young people while recognizing their limitations in accessing financial capital such as lack of collateral which currently excludes them from access to credit.
“The bill comes as focused intervention on youth savings (youth groups) as a mode of entrenching a performance-based programme that works to pilot and roll out sustainable financial and non-financial service tailored to young people,” Kiryowa said.
The group appreciated government for the different youth programs which are aimed at eradicating poverty among them such as the Youth Livelihood program, the Youth Venture Capital, as well as the Youth Fund.
They however observed that all these programs have all had enormous challenges which have made them less beneficial to all youth countrywide.
“The bill will help in channeling youth resources holistically through once repository and having one central entity which will make it easy to implement and monitor programs and projects,” noted Kanungu Woman MP, Elizabeth Karungi.
The legislator said that she believes after the bill is passed into law, government will be the first entity that will fund the bank.
“We expect to get money from government of Uganda sequenced capitalization, Uganda Development Bank (UDB) shareholding, Donations, grants in aid and contributions,” Karungi said.
Other sources of funding for the proposed bank include; membership fees particularly from youth saving schemes and youth entrepreneurship grants.