Museveni donates Shs 360mln to VSLAs in Gulu City

GULU – A total of 1,000 village savings and loan associations [VSLAs] in Gulu City have finally received Shs  360 million pledge from President Yoweri Museveni.

The secretary general of the National Residence Movement Party [NRM], Richard Todwong who delivered the money to the VSLAS days ago cautioned leaders against misusing it, saying it should go to the intended beneficiaries.

The distribution of the money, which is to be used as seed capital, kicked off last week and is expected to help members of the VSLAs boost their small businesses.

Todwong noted that Museveni’s financial support to the VSLAs support is aimed at fighting household poverty.

However, he noted that the Parish Development Model [PDM], which was launched in February 2022 with the aim of moving poor households out of the subsistence economy, has many bureaucracies that are affecting its implementation.

According to Todwong, guidelines for the formation of the PDM SACCOs have made SACCOs that were already in existence not benefit from the programme meant to move 3,5 million households out of the subsistence economy to the money economy.

“We want to pilot the PDM SACCOs in the next four months before we can advise the government to revise the guidelines for PDM to accommodate VSLAs,” Todwong said.

The woman councilor for Queens/Agwee parish, Gifter Aber commended President Museveni for fulfilling his pledge.

Aber disclosed that distribution of the funds will conclude in the next one week and appealed to the benefitting members to invest in savings and grow their share capital.

The woman Councilor for Tee-Gwanga parish, Margret Lanyero noted that each of the five groups from her area including produce dealers and poultry farmers received Shs 300,000 to boost their businesses.

“We thank the president [Museveni] for directly supporting these groups with seed capital as they wait for the money from the PDM,” Lanyero said.

A member of one of the beneficiary VSLAs said they would use the received money to expand their business.

https://thecooperator.news/mp-acen-gives-sunflower-seeds-shs-10mln-to-alebtong-womens-vslas/

Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news