Muhoozi Launches Shs 1 Billion MK Fund to Support Urban Youth in Fort Portal
FORT PORTAL CITY – The Chief of Defence Forces (CDF), Gen Muhoozi Kainerugaba, on Wednesday chaired the inaugural meeting of the newly established MK Fund in Fort Portal City, unveiling a flagship initiative aimed at uplifting vulnerable segments of society, particularly urban youth.
Speaking at the launch, Gen Muhoozi, who serves as the Chairman of the Board of Trustees, outlined the Fund’s mission to provide financial support to young Ugandans with innovative business ideas. He emphasized that the board would provide strategic direction and oversight to ensure the Fund’s sustainability and effectiveness.
“The board is meant to provide direction and oversight to the Fund,” Gen Muhoozi said. He also announced the formation of a review committee that will be responsible for examining and evaluating applications from those seeking financial assistance.
The MK Fund will specifically target youths with creative business concepts in key sectors including commercial agriculture, services, local manufacturing, and Information and Communications Technology (ICT). Successful applicants will receive seed grants of up to Shs 1 million each in cash.
In a unique approach to financing, Gen Muhoozi confirmed that beneficiaries will not be required to pay back the money. “The only pay back will be the success of the recipient,” he stated.
The Board of Trustees comprises prominent figures including Health Minister Dr. Jane Ruth Aceng, Agriculture Minister Frank Tumwebaze, Edwin Karugire, who will serve as secretary, and veteran journalist Andrew M. Mwenda.
To streamline the application process, the Fund is developing a website where submissions will be made online. Detailed eligibility criteria and application guidelines will be made available on the portal.
While the initial capital injection stands at Shs 1 billion, the chairman and the board are committed to exploring avenues to grow the fund, ensuring it does not get exhausted and can reach a wider population.
In a move to promote inclusivity, the MK Fund has established a quota system guaranteeing that a minimum of 30% of the grants will be allocated to female candidates. The board also pledged to ensure regional balancing in the distribution of the funds.
The meeting in Fort Portal City marks the formal take-off of the initiative, which is expected to roll out applications in the coming weeks.
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