The Finance Ministry is allocating Ugx 50 billion next financial year 2014/15 to boost the performance of Savings and Credit Cooperatives (SACCOs). According to the Finance State Minister, Mr. Fred Omach, the money will be disbursed in form of 600 loans to clients in all districts. This will result in proposed savings of Ugx3 billion.
Omach appeared before the Finance Committee to present the Ministry proposed budget for the financial year 2014/15. He said the ministry has proposed a total budget of Ugx 16 billion for the Microfinance sector.
However, Members of Parliament (MPs) threatened not to pass the budget for SACCOs. MPs argued that despite all the money injected into the program, there is not much impact on the ground. MPs said over 80 percent of the funds have been stolen by SACCO managers. In Masaka, it was discovered that Ugx 209 million was mismanaged from Butonde Savings and Credit Cooperative Society. This has continuously yielded less benefit from the SACCOs.
China signs East Africa railway line deal
China has signed a US $ 3.8 billion rail link between Kenya’s Indian Ocean port of Mombasa and Nairobi. Exim Bank of China will provide 90% of the cost to replace the crumbling colonial-era line. Kenya will provide the remaining 10% for the construction of a 609.3 km standard-guard link.
The deal was signed at State House in Nairobi on 11th May 2014 at an event attended by Presidents Museveni, Paul Kagame, Salva Kiir Uhuru and Chinese Premier Li Kaqiang.
“The project demonstrates that there is equal co-operation and mutual benefit between China and East African countries,” Li added. “China is concreting on real issues of development,” President noted extending his appreciation to Chinese government. The cost of moving people and goods will definitely fall hence embracing trade.
Money from garbage
Kampala Capital City Authority (KCCA) has finally invited the private sector to invest in management of solid waste. KCCA has developed a compressive solid waste management strategy.
KCCA is experiencing high costs of collecting waste. It employs over 2,800 workers. KCCA’s idea of calling upon private investor will help reduce costs as well as improve efficiency in waste collection.
200 get ICT skills in Mbale
Mbale Municipality Member of Parliament, Mr. Jack Wamanga said he had underestimated the public’s response to computer training. He made the remarks while handing over certificates to 200 participants who attended training in Information and Communication Technology at Nkoma Secondary School in Mbale on 9th May 2014.
He argued Government to always conduct as trainings to people. “A lot of transactions, including motions in Parliament are now carried out on computers,” Wamanga noted.
Source: Internet news