Government secures Shs. 16 billion to fight youth unemployment

By Mike. O. Freeman:

The ministry of gender labor and social development in partnership with Centenary Bank has earmarked Shs. 32 billion under the “The Youth Venture Capital Fund” to fight unemployment among-est the youth.

It’s intended to benefit youth with at least three months old businesses.

Speaking to the media at Uganda media center, the permanent Secretary Ministry of gender Pius Bigirimana said the funds will be provided in form of loans of not more than Shs. 5 million to individual youth and up to Shs. 25 million for youth cooperatives, groups or companies, expected to be paid within 24 months for working capital and up to 4 years for capital investment.

He also said no collateral security is needed.  However, according to the Managing Director Centenary Bank Fabian Kasi, two guarantors with good credit records and active bank accounts at the bank shall be required.

According to Bigirimana, government and centenary bank have each provided Shs. 16 billion each, and focus is on those youth engaged in trade, tourism, manufacturing, ICT among others.