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BoU assures youths on access to agricultural funding

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By Julius Mugaga Tukacungurwa/KMA Updates.

Kampala, Uhanda: Government of Uganda set up Agricultural Credit Facility (ACF) in 2009 partnership with Commercial Banks, Uganda Development Bank Ltd (UDBL), Micro Deposit Taking Institutions (MDIs) and Credit Institutions all referred to as Participating Financial Institutions (PFIs). Rosette Bamwine, the Senior Principal Banking Officer-Head Agricultural Credit Facility Section at Bank of Uganda. Photo by Julius Mugaga Tukacungurwa.

This was aimed at facilitating the provision of medium and long term financing to projects engaged in Agriculture and Agro processing, focusing mainly on commercialization and value addition.

Speaking during Youth in Agro ecology and Business Learning Track Africa (YALTA) workshop in Kampala, Rosette Bamwine, the Senior Principal Banking Officer-Head Agricultural Credit Facility Section at Bank of Uganda stressed that once one has an account in any bank is entitled to access funds if one needs.

 This she said after various Ugandans queried about the fund saying that most commercial banks ask for collateral securities in terms of land titles which most youth don’t have.

She informed that blocker allocation has addressed the collateral security issue, all they need is being engaged in an agricultural project of all kind with a good track record and transparency so they may access the fund up to UGX. 20million.

She implored them to always read Bank of Uganda information regarding the fund which will help them break obstacles they usually find in other banks regarding the fund or report directly to Bank of Uganda about the conduct.

Bamwine went on to inform the youths that there is also The Small Business Recovery Fund (SBRF) that was set up by the government of Uganda to provide loans to small businesses that have been adversely affected by the COVID-19 pandemic and have suffered financial distress and can show potential for recovery if provided with financial support.

Richard Mugisha, the Uganda Country Manager for Youth in Agro ecology and Business Learning Track Africa (YALTA) it’s much important to empower the youths in agroecology because they’re most innovative, creative, vibrant and dynamic in realizing the core goal.

He said that once youths are brought on board to participate fully, agro ecology as a method would be achieved since they make the largest portion of world’s population in addition to their willingness to work.

He revealed that the major aim of promoting agro ecology is for the world to practice farming by organic ways that doesn’t affect the environment as well as production of organic foods that are recommended for our good health.

At the event was also Josephine Akia the Country Coordinator the Participatory Ecological Land Use Management (PELUM) Uganda stressed that YALTA is part of them and they complement them by giving them required information regarding agro ecology through physical and mentorship.

She also said that they help them secure exchange visits with already successful agro ecology practitioners and youth caravans around Uganda for them to see and experience success stories from farmers.

Josephine noted that they help connect them to service providers like lawyers who help the register their businesses and financial institutions for them to secure credit for their enterprises.

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