By Lumpe Media
Fort Portal — The Chief of Defence Forces, Muhoozi Kainerugaba, has chaired the inaugural meeting of the MK Fund, marking the first gathering of its Board of Trustees held in Fort Portal. The meeting set the foundation for the operations of the new initiative aimed at supporting vulnerable groups, particularly urban youth, through small business grants.
Gen Kainerugaba, who serves as chairman of the Board of Trustees of the MK Fund, said the initiative is designed to complement existing government programmes such as the Parish Development Model. According to him, the fund will focus on segments of society that are often left out of mainstream financing opportunities, especially young people in urban areas with viable business ideas.
He explained that the Board of Trustees will provide strategic direction and oversight to ensure the fund operates transparently and effectively. As part of its governance structure, the board plans to establish a review committee that will assess and evaluate applications submitted by individuals seeking support from the fund.
The Board of Trustees includes several prominent figures, among them Minister of Health Jane Ruth Aceng, Minister of Agriculture Frank Tumwebaze, veteran journalist Andrew Mwenda, and Edwin Karugire, who will serve as secretary to the board.
Under the initiative, the MK Fund will provide seed grants to young entrepreneurs with innovative ideas in areas such as commercial agriculture, local manufacturing, and information and communication technology. Each successful applicant will receive a grant of up to Shs1 million to help kick-start their projects.
Gen Kainerugaba emphasised that the funds will be issued as grants rather than loans, meaning beneficiaries will not be required to repay the money.
“The only payback will be the success of the recipient,” he said, noting that the goal of the programme is to empower young Ugandans to create sustainable businesses and employment opportunities.
To streamline the application process, the fund will establish an online platform where interested applicants will submit their proposals. The website will also provide details about eligibility requirements and the criteria used to select beneficiaries.
The fund will initially begin with a capital base of Shs1 billion. However, Gen Kainerugaba said the board will explore ways to expand the fund over time to ensure it remains sustainable and capable of supporting more applicants.
“We want to grow the fund so that it does not get exhausted quickly and can continue benefiting more Ugandans,” he noted.
The MK Fund has also set specific targets to ensure inclusivity and fairness in the distribution of grants. At least 30 percent of the beneficiaries will be women, while efforts will also be made to ensure regional balance so that applicants from different parts of the country can benefit.
Additionally, the fund will establish a small secretariat responsible for handling applications, evaluating potential beneficiaries, and monitoring the progress of businesses established with support from the grants.
Gen Kainerugaba said proper monitoring and evaluation will be key to ensuring that the grants translate into viable enterprises that contribute to economic growth and job creation.
The launch of the MK Fund signals a new effort to support youth innovation and entrepreneurship while complementing broader government programmes aimed at improving livelihoods across Uganda.
