Africa-Press – Uganda. Government, under the leadership of President Museveni, has launched an economic empowerment program for Masters of Ceremonies (MCs) across the country.
The initiative, which targets MCs operating in 18 zones, provides a loan of Shs100 million to each beneficiary at a 6% interest rate per annum.
The program is part of the President’s broader initiative to economically empower ordinary Ugandans, including market vendors, ghetto youth, and mechanics.
According to the State House Comptroller, Jane Barekye, the initiative aims to support vulnerable groups and promote economic growth.
“The loans the beneficiaries receive must be at 6 percent, not more than that per year, and this should be put in a legal document. Anybody who doesn’t do it goes to jail,” President Museveni warned.
The loan initiative is expected to benefit MCs by providing them with capital to invest in their businesses and improve their economic prospects.
Deputy Press Secretary to the President, Kirunda Faruk, who is overseeing the program, urged MCs to utilize the funds wisely and repay the loans to avoid problems.
“Only those ready to invest the money well and repay should apply to avoid problems. Thanks to the President for considering this important group of Ugandans for support and assigning me to oversee the program,” Faruk said.
The program will be implemented through SACCOs, with each beneficiary required to submit a proposal detailing how they intend to use the funds.
The government has emphasised the importance of responsible borrowing and timely repayment to ensure the sustainability of the program.
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