New Vision (Kampala)

27 November 2012

Uganda: Women Told Not to Depend On Banks for Funding

The first lady, Janet Museveni, has warned women entrepreneurs against entirely depending on foreign banks for funding.

"These foreign banks have little interest in growing the local economy. They are here to make profits in the shortest possible time," she said.

Mrs. Museveni urged the women to stick together if they are to overcome the funding gap, citing a Bangladeshi women's group that rejected funding from the World Bank and broke even as a result of a unification.

The First Lady was speaking at an occasion to mark the Uganda Women Entrepreneurs' Association League (UWEAL) 25 years of existence over the weekend.

UWEAL chairperson Gudula Basaza had earlier said lack of access to financial services is a key hindrance to promising business women in Uganda.

"Banks often require land as collateral, but as a result of land allocation practices that favour men, women cannot put up the collateral," said Basaza.

Women hold only 7% of registered land in Uganda.

Malawian president Joyce Banda, who was the chief guest, lauded President Yoweri Museveni for ensuring an enabling environment for women entrepreneurs to succeed.

Describing Museveni as a "champion of women", she said: "He is the first African president who recognised women. He appointed the first female vice-president in Africa."

Ads by Google

Copyright © 2012 New Vision. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.