By Patriot Corps
In the 2024/2025 budget, the Ugandan government has outlined several strategic initiatives aimed at boosting wealth creation and economic growth across the country.
Parish Development Model (PDM): Fully implemented with a Shs 2.4 trillion investment, the PDM is now operational in 10,585 parishes. The WENDI application, introduced by the Government-owned Post Bank, streamlines fund distribution and ensures transparency. To date, 1.165 million households have invested in agriculture projects, including poultry, dairy, coffee, and piggery. An additional Shs 529 billion will be disbursed, with each PDM SACCO receiving Shs 100 million. For the next financial year, Shs 1.059 trillion is allocated to support more households and enhance agriculture through input certification, extension services, storage, value addition, and market linkages.
Emyooga: The government has provided Shs 480 billion through Emyooga, benefiting 607,636 individuals. Shs 268 billion has been disbursed to 6,810 SACCOs, with beneficiaries saving Shs 85 billion. An additional Shs 100 billion is allocated for the next financial year to support more Ugandans in creating wealth.
Agricultural Credit Facility (ACF): Since 2009, the ACF has provided Shs 303 billion, leading to a cumulative loan disbursement of Shs 860 billion, supporting 3,868 agricultural projects. An additional Shs 30 billion will be injected next financial year to continue supporting agricultural commercialization.
Uganda Development Bank (UDB):With assets worth Shs 1.6 trillion, UDB has created 51,841 jobs and supports value addition, manufacturing, tourism, infrastructure, and education. The government will further capitalize UDB with Shs 55 billion and secure credit lines worth Shs 1.083 trillion to boost lending.
Support to SMEs:The Small Business Recovery Fund (SBRF) will be enhanced to increase uptake. Currently, Shs 18.4 billion has been disbursed, supporting 1,459 businesses. Requirements will be relaxed to facilitate better access to funds.
INVITE and GROW Programs:These programs, worth a combined USD 427 million, support women-owned enterprises and value addition for exports. Additionally, a Business Facilitation Centre has been established to streamline business registration and licensing, significantly reducing time and costs.
These comprehensive measures demonstrate how the government plans to improve wealth creation activities, fostering economic growth, financial inclusion, and the overall development of Uganda.
