Kampala — Kampala Capital City Authority (KCCA) has released the $1.3m (Us3.3bn) city youth fund to Centenary Bank.
"Government decided that the funds be managed by a recognized financial institution and only sh9b of the promised money", said the Kampala Capital City Authority Executive Director Jennifer Musisi. Musisi who was addressing the media at City Hall recently said that the Ministry of Finance advised KCCA to transfer funds to a recognized financial institution. "We chose Centenary Bank, whose interest rates were lowest," she said. She added that the youth will be charged a 10% interest on the loan.
President Museveni in 2011 campaigns promised a $6.6m (Ush16.5b) youth stimulus package to cater mainly for the unemployed Youth in Kampala city and its suburb.According the KCCA Director for Gender, Community and Production, Harriet Mudondo, the unemployed youth between 18 to 35 years will be the first beneficiaries.
"The group includes out-of-school youth and university graduates. However focus would be on those whose businesses are in the five divisions of Kampala," explained Mudondo.