MPs to table Bill On youth fund

YOUTH Members of Parliament have notified the Speaker of their intention to move a private members Bill to establish a National Youth Entrepreneurship Fund to assist more youth.
They are proposing that the National Youth Entrepreneurship Fund will replace the current Capital Venture Youth Fund, which they say, has not helped the youth.

Addressing a press conference at Parliament Building Monicah Amoding (female youth representative) expressed concern about the way the Capital Venture Fund has been managed.
“This money lacked a framework. That is why we are seeing so many challenges,” Amoding said. Present was the chairman National Youth Council, Samuel Kavuma.
She said the financial year is ending, but there is nothing tangible to show for the Sh25b was put in the Fund. She noted that the accessibility guidelines had been flouted and that was the reason the youth MPs want to give a better alternative.
She said they had received information from Stanbic Bank, one of the stakeholders that it (bank) had given out money to only one person.  She said they are yet to verify information that 1,700 youth had accessed money from Centenary Bank. DFCU, she said, had given out money to 43 youth.
“The objectives of the youth fund need to be reviewed to benefit more youth.”  She revealed that some stakeholders insist on reinstating the ‘O’ Level requirement for one to access the loan, which she does not agree with.
Amoding described as unrealistic, the requirement for a guarantor to have on his or her account money equivalent to that which is being borrowed.
She explained that they want the new fund to be established as a government parastatal receiving Sh200b every financial year from both government and the partners. “This fund is a critical tool to address unemployment,” she said.
She explained that they came out with an alternative fund following a request for proposals from the Minister of Finance.
SOURCE: http://www.upfya.org