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MINISTER KASOLO PLEADS WITH PARLIAMENT FOR ADDITIONAL SHS35BN TO INJECT IN EMYOOGA FUND IN NEW CONSTITUENCIES

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 By Mulengera Reporter

 Haruna Kyeyune Kasolo, the State Minister for Finance, Planning and Economic Development (in charge of Microfinance), has asked Parliament to support a request for an additional Shs35bn for the Emyooga Fund in the 47 newly created constituencies as well as for the facilitation of district taskforces that will implement the Presidential Initiative on Wealth and Job Creation.

 

 

Minister Kasolo, also the Kyotera County MP, told colleagues in Parliament that although Shs210bn had been earmarked for implementation of the Emyooga Programme, which was conceived to scale up direct support to communities through establishment of various specialized funds through Myooga-specific Apex SACCOS at constituency level and parish level operations, extra money was required for the counties whose creation the House recently approved.

The Emyooga Fund District Taskforces, led by the Resident District Commissioners (RDCs), will steer the implementation of the programme, in close collaboration with Microfinance Support Centre (MSC) Zonal Offices, District Community Development Officers (CDOs), and Commercial Officers. Already, the Finance Ministry has disbursed Shs140bn to the MSC, through which the money will be channeled to the Constituency Apex SACCOs.

 

The funds will be injected in Constituency SACCOs as a way of transforming households from subsistence economy to money-making and market-oriented production entities. Groups which will benefit from the fund include boda bodas, women entrepreneurs, carpenters, salon operators, taxi operators, restaurant owners, welders, market vendors, youth leaders and Persons with Disabilities. Others are produce dealers, mechanics, tailors, journalists, performing artists, veterans, fishermen, elected local leaders, and teachers in private schools.

Individuals in various communities will be expected to form parish associations, then subscribe to Constituency Apex SACCOs through which the money will be channeled. Each constituency is expected to receive at least Shs620m, with Elected Local Leaders’ Constituency SACCOs getting Shs50m each, Teachers in Private Schools SACCOS Shs60m each, while the rest of the Myooga-specific Constituency Apex SACCOs (17 in number) will take Shs30m each.

 

Using the Shs30bn received in the previous Financial Year, Kasolo’s Ministry used the time between  November 2019 and August 2020 to launch the programme in greater Masaka, Mukono, Mpigi, Mubende, Luweero, Busoga, Bukedi, Teso, Bugisu, Acholi, Lango, West Nile, Sebei, Karamoja, Kigezi, Rwenzori, Bunyoro, and Ankole. In Kampala, the launch will happen on September 22.

The Ministry has also conducted regional and district sensitization meetings in which 4,080 people participated, and 134 district Emyooga taskforces were formed. To date, 29,747 parish Associations have been formed, 21,963 of which have been validated by MSC in 47 districts. Of these, the Microfinance Support Centre has facilitated the formal registration of 14,416 with the respective Local Governments. For Constituency Apex SACCOS, Kasolo says a total of 893 schemes in 59 Constituencies are almost done with the process of formal registration with the Registrar of Companies. “Seed capital shall be disbursed to apex Constituency SACCOs that meet criteria that is being developed by MSC,” the Minister told MPs.

(For comments on this story, call, text or whatsapp us on 0705579994, 0779411734, 0200900416 or email us at mulengera2040@gmail.com).

 

 

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