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.
Additionally, 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.
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.
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However, 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 work in sectors including commercial, agricultural, factories, 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.
In conclusion, 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.
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