IslamicFinance.de

More than 2,000 groups of women will acquire interest-free loans worth Shs43 billion from the government under the Uganda Women's Entrepreneurship programme (UWEP). According to Mr Puis Bigirimana, permanent secretary at the Ministry of Gender, women entrepreneurs are constrained by limited access to finance as they attempt to grow their businesses. UWEP will promote women's economic empowerment through entrepreneurship skills. Under the programme, groups will receive up to Shs12.5 million each while special projects that benefit a bigger community will receive Shs25 million. UWEP National programme coordinator Ms Brenda Kifuko said all beneficiaries will have to pay back to enable more women access credit. Groups that pay in the first year of reception will only pay the principle amount while groups that pay after the first year will be subject to a 5% interest rate in form of a service fee to cater for inflation.