MPS have thrown out the ministerial statement of the minister of finance on the youth venture capital fund meant for youth entrepreneurs.

This came after the minister of finance; planning and Economic Development Maria Kiawanuka Nabasirye failed to convince them on the friendly modalities on how the youth can access funds for job creation.

Maria Kiwanuka, Uganda Minister of Finance

The mps said that the conditions put for the youth to access youth funds are road blocks for the them to get secure the loans from the banks.

This forced the minister of finance Maria kiwanuka to withdraw the statement and pleaded with MPS to allow her bring another next week signed by the managing directors of DFCU, Stanbic bank and Centenary bank where these banks  do not exist.

Some of the conditions put by banks and government to access youth fund include each youth borrower shall be able to provide employment to at at least four people over loan period ,each youth borrower of the youth fund will be fixed interest rate of 15% on this loan fund lent out until june this year when its reviewed.

Other conditions indicate that each borrower of this fund should demonstrate evidence of having invested at 10% of the loan amount in the business venture and the eligible businesses must have been in operation for a minimum period of three months with a demonstratabale potential to grow. Some mps had proposed that the youth fund should be put in prominent SACCOs where the youths can easily access the funds.