The Chief of Defence Forces, Gen Muhoozi Kainerugaba, has chaired the inaugural meeting of the MK Fund and its first Board of Trustees session held in Fort Portal.
Gen Muhoozi said the MK Fund will complement existing government programmes such as the Parish Development Model (PDM) and focus on segments of society that remain vulnerable, particularly urban youth.
The CDF, who serves as Chairperson of the Fund’s Board of Trustees, said the board will provide direction and oversight for the initiative. A review committee will also be established to examine and evaluate applications from individuals seeking support from the Fund.
Members of the Board of Trustees include Health Minister Jane Ruth Aceng, Agriculture Minister Frank Tumwebaze, veteran journalist Andrew Mwenda, and Edwin Karugire who serves as the Fund’s Secretary.
The Fund will provide seed grants to youth with innovative business ideas in commercial agriculture, local manufacturing and ICT. Each beneficiary will receive up to Shs 1 million in cash, and the grants will not require repayment.
“The only pay back will be the success of the recipient,” Gen Muhoozi said.
A website will be established through which applications will be submitted online. Details regarding eligibility and application procedures will be published on the platform.
The Fund will start with an initial capital of Shs 1 billion. The Chairperson and Board of Trustees say they will explore ways of growing the Fund so that it can support more beneficiaries without being quickly exhausted.
The initiative will reserve at least 30 percent of the grants for female applicants and will also ensure regional balance in the selection of beneficiaries.
A small secretariat will be set up to handle applications, evaluate candidates and conduct monitoring and evaluation of businesses established by the beneficiaries.
