Museveni Provides Shs1.2 billion Funding For Youth Saccos In Slum Areas

Posted by: lukwago J in Uganda news December 21, 2023

In a recent development, President Museveni has announced a financial injection of Shs1.2 billion to support savings and credit cooperative organizations ( Saccos ) specifically working with disadvantaged youth residing in slum areas.

The beneficiary Saccos include Kampala-Kisenyi III, Kasangati Community, Nansana Division, Makindye Youths with Skills, Makindye East, Masajja para Zone, Kasokoso, Kawempe South, Kawempe North, Rubaga Kakeka, Nakawa Division and Mukono Industrial Area.

During the official launch of ghetto youth Saccos in Kampala yesterday Mr Museveni said youths can be productive and elevate themselves from poverty if they deliberately sectors including commercial, agricultural, factories and Industrialization , ICT and renovations.

Meanwhile this new funding initiative aims to uplift and empower the young population living in marginalized urban environments. President Museveni recognizes the potential of these youth, acknowledging their vital contribution to the socio-economic development of the nation.

The allocation of Shs1.2 billion reflects the government’s commitment to fostering financial inclusion and entrepreneurship among the less privileged. By investing in Saccos operating in slum areas, the aim is to nurture the entrepreneurial spirit of these youth and provide them with opportunities for economic growth and self-sustainability.

Through the financial boost, it is anticipated that the youth Saccos will be able to provide access to affordable loans, which can be utilized for various income-generating activities.

This support will contribute to the country’s development

This injection of capital is intended to support the establishment and growth of small businesses, leading to job creation and overall improvement in livelihoods.

Additionally, the funding will enable these Saccos to deliver financial literacy training programs, equipping the youth with the necessary skills and knowledge to effectively manage their finances and make informed investment decisions.

This holistic approach is aimed at fostering a culture of responsible financial management and entrepreneurism.

The government’s commitment to supporting the youth in marginalized areas demonstrates the belief in their potential to positively contribute to the country’s development.

The injection of Shs1.2 billion into Saccos specifically working in the slum areas is a testament to the government’s determination to bridge the socio-economic gap and create a more inclusive society.

Overall, this initiative offers hope and a means for the slum-dwelling youth to overcome poverty by providing them with access to financial resources, knowledge, and opportunities for socioeconomic advancement.

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