The Chief of Defence Forces, Muhoozi Kainerugaba, has chaired the inaugural meeting of the MK Fund Board of Trustees, officially launching an initiative aimed at supporting vulnerable groups, particularly urban youth, with seed capital for innovative business ideas.
The first meeting of the Board of Trustees was held in Fort Portal, where Gen Muhoozi said the MK Fund will complement existing government programmes such as the Parish Development Model (PDM) while targeting segments of society that remain underserved.
Gen Muhoozi, who also serves as chairman of the Board of Trustees, said the board will provide direction and oversight to ensure the fund achieves its intended objectives.
"The board will set up a review committee to examine and evaluate applications from individuals seeking support from the fund," he said.
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Members of the Board of Trustees include Health minister Jane Ruth Aceng, Agriculture minister Frank Tumwebaze, veteran journalist Andrew Mwenda and Edwin Karugire, who serves as the secretary.
According to Gen Muhoozi, the MK Fund will provide seed grants to youths with innovative business ideas, particularly in commercial agriculture, local manufacturing and information and communication technology (ICT).
Under the programme, individuals will be eligible to receive grants of up to Shs1 million in cash, which will not require repayment.
"The only pay back will be the success of the recipient," Gen Muhoozi said.
To streamline the application process, the fund will establish a website through which applicants will submit their proposals online. The platform will also provide detailed guidelines on eligibility requirements and the application procedure.
Although the fund will initially start with Shs1 billion, Gen Muhoozi said the board will explore ways to expand the resource base so that the fund does not get exhausted and can reach more beneficiaries.
The initiative will also promote inclusivity, with at least 30 percent of the grants reserved for female applicants. The fund will also ensure regional balance so that beneficiaries come from different parts of the country.
A small secretariat will be established to manage the day-to-day operations of the fund, including processing applications, evaluating candidates and monitoring and evaluating businesses started by beneficiaries.
Gen Muhoozi said the initiative is intended to help young people transform innovative ideas into viable businesses that can create jobs and improve livelihoods.
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