The Chief of Defense Forces (CDF), Gen. Muhoozi Kainerugaba, has chaired the inaugural meeting of the MK Fund. It was also the first meeting of the Board of Trustees held in Fort Portal. Gen. Muhoozi said the Mk Fund will complement existing government programs such as the Parish Development Model (PDM) and serve those segments of society that are most vulnerable such as urban youths.
Gen Muhoozi, who is the chairman of the Board of Trustees of the MK Fund, said the board is meant to provide direction and oversight to the Fund. He also said the board will set up a review committee to examine and evaluate applications from those who want to apply for money from the Fund. Members of the Board of Trustees include Hon. Dr. Jane Ruth Aceng, the Minister of Health, Hon. Frank Tumwebaze, the Minister of Agriculture, Edwin Karugire, who is its secretary and Andrew Mwenda, a veteran journalist.
The Fund will be giving seed grants to youths with innovative business ideas in commercial agriculture, local manufacturing and ICT. The seed grants will be given to individuals with each person receiving not more than UGX 1m in cash. Beneficiaries will not need to pay back the money. “The only pay back will be the success of the recipient,” Gen Muhoozi said.
The Fund is going to establish website through which applications will be submitted online. Details of the eligibility for accessing the fund will be found on the website. Although the initial size will be UGX 1billion, the chairman and the board of trustees will look for ways to grow the fund so that it does not get exhausted and also be able to serve more people.
The MK Fund will ensure that a minimum of 30% of the grants will go to female candidates. The Fund will also ensure regional balancing. The Fund will set up a small secretariat to handle applications, evaluate candidates and also do monitor and evaluation of businesses that individual beneficiaries will have set up.