Government has released Shs10 billion to support Uganda’s entertainment industry, fulfilling a pledge President Yoweri Museveni made last year.
The grant was disbursed to three music promoters’ Saccos: Uganda Music Promoters Sacco, Kampala and Beyond United Promoters Saving and Credit Cooperative Society Limited, and National Events and Bivulu Promoters Multipurpose Cooperative.
The development was announced Friday during the promoters’ Annual General Meeting at Pope Paul Memorial Hotel in Ndeeba, Kampala.
Uganda Music Promoters Sacco chairman Abbey Musinguzi, alias Abitex, confirmed receipt of the funds.
“I take this opportunity to inform the public that the money which was pledged by President Museveni has been received. This money is totaling to Shs10 billion which has been disbursed to three Saccos, we thank President Museveni for fulfilling his pledge,” Musinguzi said.
He said promoters will invest the funds to create jobs.
“We pledge to use this money to develop the music industry which will in return give many people jobs. We’ve been having a number of divisions amongst us but we believe with guidance from Microfinance Support Centre, this money will not divide us,” he said.
General Secretary Jojo Balaam said the Shs10 billion was released in phases, with Shs1.5 billion initially disbursed.
“We thank the President of the Republic of Uganda for the pledge he made while we were at Kololo Ceremonial Grounds,” Balaam said, adding the funding will reduce reliance on money lenders.
“Why we requested President Museveni for these funds? It’s because we have been going through money lending processes, they have been taking our things. But right now, Sacco has money,” he said.
Microfinance Support Centre Communications Manager Tadeo Atuhura said the money was wired to each Sacco account.
“Today, we are here to deliver the pledge of His Excellency, the President… I want to confirm today, the Shs10 billion has been given to the Saccos,” he said.
Atuhura said the centre trained promoters in financial literacy, savings, enterprise management and governance, and will continue to offer guidance to ensure proper use of funds.