Posted on February 6, 2009 - by Gavin

MICROCAPITAL STORY: Infamous Brother of Ugandan President Floods Microfinance Market with $133m of Subsidized Capital Over 5 Years…

AllAfrica.com reported that Salim Saleh, the current Ugandan State Minister for Microfinance announced that the Government of Uganda (GoU) has set aside 262 billion shillings (or USD 133.7 million) to be delivered as subsidized low-interest loans through the Microfinance Support Center (MSC), to Savings and Credit Cooperative Societies (SACCO), to individuals and small businesses. MSC is a government owned limited liability company set up to aid in management of rural microfinance. The announcement was made at the launch of the MSC’s five-year strategic plan. “This company has 40 billion shillings (USD 20.4 million) for the next five months and it can loan out 9 billion shillings (USD 4.6 million) each month,” said Mr. Saleh… [click here to read the rest of this article...]