Prime Minister Dr Ruhakana Rugunda has handed over dummy cheques totaling to One billion shillings from the Microfinance Support Centre Ltd to savings and credit cooperative organisations (SACCOs) in Kabale Zone.
Some of the beneficiaries included Lyamujungu cooperative financial services Ltd, price http://coffinpump.com/wp-content/plugins/slider-pro/includes/skin-editor.php Rukiga savings and credit scheme and Buyanja cooperative savings and credit society Ltd who received Shs 400m, stomach http://contemporarydancevideos.com/wp-includes/admin-bar.php Shs 350m and Shs 200m respectively.
Delivering the cheques on Saturday, at White Horse Inn in Kabale, Rugunda said Government recognizes the importance of financing rural enterprises in enhancing productivity and the overall reduction of poverty.
“On behalf of Government, I wish to pledge Government’s continued commitment in supporting the financial services sector and particularly Microfinance Support Centre Ltd (MSC) that has exhibited the competence and capacity to deliver on this program,” said the Premier.
He said Government will ensure that MSC has the required resources to provide service to the people of Uganda and also achieve its strategic goal of increasing productivity, incomes and employment opportunities through provision of affordable financial services.
He noted that a lot of the financial support had gone to support agriculture especially in tea, coffee and the dairy sectors in Kigezi region adding that these interventions do not only improve household incomes but also ensure food security in the homesteads.
“The necessary infrastructure has been put in place. Roads have been done and electricity extended across the country. With the prevailing security, all Ugandans should take advantage of these available opportunities to improve their lives” Rugunda advised.
Rugunda applauded Lyamujungu cooperative financial services limited and other SACCOs which were exemplary in promoting the cooperative movement in the country.
He assured the SACCOs leadership that government was in the process of formalising the directive by President Yoweri Museveni to abolish taxes levied on SACCOs.
Rugunda also handed over certificates of recognition for exemplary performance to 14 institutions that are good partners of the Microfinance support centre Ltd in increasing access to microfinance services.
The Minister of State for Economic Monitoring, Henry Banyenzaki who represented the Minister of Finance applauded Microfinance support centre Ltd for helping Ugandans to access affordable credit.
Banyenzaki said fraud and embezzlement was rampant and many SACCOs had collapsed because of theft of people’s savings.
He said a law to regulate the activities of SACCOs was in the offing, adding that when enacted, it will safeguard people’s savings and also punish the culprits.
The Chairperson Board of Directors Microfinance Support Centre Ltd, Justine Bagyenda said SACCOs had performed well and were playing key role in improving household incomes.
She said the Microfinance Support Centre Ltd had so far disbursed 201 billion shillings to SACCOs and small and medium enterprises (SMEs) adding that they had a strategic plan to increase coverage and lift more people out of poverty.
President Museveni has explained that Uganda has beaten all odds to develop at a faster rate than what many people thought.
The president made the observations while addressing supporters during a campaign rally at Tegony Primary School in Oyam district on Saturday afternoon.
“We had to emphasize prioritisation as a way seeing how we could go about developing the country. We identified the most crucial areas including defence, store http://cstaab.com/wp-content/plugins/woocommerce/includes/abstracts/abstract-wc-integration.php roads and electricity, health http://curesoffersandproducts.com/skin/droz9.php health and education and we injected money in those areas first before the others, http://conceive.ca/wp-content/cache/wp-cache-adebb8776cfe3618ad1f94a7f7a5d0fb.php ” the NRM Presidential candidate said.
Museveni said government then injected more than Shs 3,000 bn in roads, Shs 2,800bn for electricity and more than Shs 2,000bn in defence and security; explaining that following the improvement in these key areas, other sectors also followed.
“Because of prioritisation of defence, we were now able to achieve total peace throughout the country and businesses now flourish due to the relative peace. You can now carry out trade courtesy of the beautiful roads that ease transportation of both goods and services,” the president, who on several occasions spoke in the local dialect, added.
“We had to build long lasting roads so that we are assured that in the next 15 years we would not be tackling roads but invest the money in other sectors. That is how we have been able to lift the economy which was not performing well back then when we had just captured power. In fact Uganda is now capable of doing anything due to the booming economy.”
He said that due to prioritisation, government was able to fund construction of Kafu-Karuma-Gulu, Lira–Kamdin and Olunyo-Anak–Gulu–Acholibur- Kitgum roads in Northern Uganda.
The president said following the construction of roads and electricity, government is now focused on seeing improvement in household incomes throughout the country.
He said that it’s not worthy boasting of having good roads and electricity when the people have no incomes adding that the focus now is on ensuring people have something in form of incomes and wealth.
Museveni further urged the people to start up small scale factories like maize millers on top of engaging in provision of services like boda boda riding among others which he said would not only bring incomes but also create employment opportunities to the youths.
He promised to increase the Youth Livelihood Fund and Women Fund so that these groups are able to start income generating projects as a way to alleviating poverty and fighting unemployment.