According to a, the press release, the plan will be implemented by 10 insurance companies under the Uganda Insurers Association. Many farmers groups have already been identified as key players in this process and they will closely work within associations to increase public awareness through farmer groups, organized events, fairs and the on-line platforms.

The scheme targets farmer groups, associations, larger farmers and ranchers who have suffered a number of agricultural challenges and risks such as excessive rains, fire, flooding, drought, pests, diseases and limited access to finance among others.

All categories of farmers will benefit however emphasis will be on the small scale farmers with potential of transforming into large scale farming. The scheme is therefore to help them be credit worthy and encourage them to access credit from financial service providers.

Some of the selected and prioritized enterprises include the following;
Crops: Maize, Coffee, Maize, Beans, Rice, Cotton, Bananas, Soybean and Sunflower Livestock: Cattle (beef & diary), Poultry, Pigs and Fish.
Financial Institutions involved in Agriculture Credit will insure loans in two ways:
a) actual loan received by the client; which would translate into the cost of production for the purposes of insurance
b) the bank can require that the entire enterprise is fully insured in order to protect the loan that has been invested in it.

It is important to note that; smallholder farmers will be subsidized at 50% and larger commercial farmers at 30%.

Poultry farming is one of the lucrative activities that brings in quick returns country wide.

Through the implementing companies, officials hope this scheme will help farmers have increased access to financial services, increased production, become food secure and enhance household incomes.

Farmers have also been advised to access more information and knowledge on how to benefit from the scheme by joining an upcoming West Nile Finance Fair that is to take place from the 17th-18th August in Arua.

It is also at this Fair that farmers will have a full presentation on the Agricultural Insurance Scheme that is being rolled out by the government.

The post Government releases 5bn to Insure Farmers against Risks first appeared on Uganda Multimedia News & Information.

2011 MLS Salary Grid (Photo credit: Bernhardt Soccer)

Finance to pressurize commercial banks to treat the salary loans differently.

Members of parliament say that salaries more especially for civil servants don’t change

and therefore the interest rates and the period of payment for salary loans should not be changed.

Samia Bugwe north Julius Maganda says salary earners took the loans long time but banks increased interest rates without considering the income of such people.

He says that government should come up with a policy that protects low income earners who survive on loans.

He says government should not allow banks to change the salary loan agreements because they are sensitive.

The post Salaried workers demand better loan conditions first appeared on Uganda Multimedia News & Information.

The Government has asked the youth to apply for loans at DFCU and Centenary Bank Branches across the country.

Trade minister Ms Amelia Kyambadde says that individual youth aged between 18-35 years will get loans of up to five million shillings. Those in groups and associations will get up to 25 million shillings.

Ms Kyambadde explains that the money is part of the 25 billion shillings Uganda government allocated to youth projects last year. The money is channeled through the Youth Entrepreneurship Venture Capital Fund in partnership with DFCU and Centenary Rural Development Bank.

The government has also allocated 3.5 billion shillings to train the youths in order to enable them expand their businesses.

The post Youth to get loans from DFCU bank first appeared on Uganda Multimedia News & Information.

Kayondo says that despite having resumed business, the traders still need to put more pressure on the government to put a ceiling on the interest rates commercial banks charge on loans.

The traders went on a three day sit down strike last week demanding that the commercial banks withdraw the increased interest rates on new and old loans. Kayondo says that even though they have opened their shops the government still needs to come out and protect the interests of traders. He was addressing journalists inKampalatoday.

Kayondo says the traders are still waiting for the government’s response on the issue of high interest rates. He says that the moment the government fails to solve the problem the traders will definitely sue the commercial banks.

By Walakira Nyanzi

The post Traders to sue commercial banks over high interest rates charged on loans first appeared on Uganda Multimedia News & Information.

The commercial banks operating in Uganda charge over 27% on loans. Our reporters in Mityana, Kampala and Mubende among other districts have told us that most of the shops in Kampala and other districts have not opened today amidst the government requests to them to open the shops.

The spokesman of Kampala City Traders Association (KACITA), Issa Sekitto has told us that they will continue with the strike for the next three days until the government directs commercial banks to reduce the interest rates. The government deployed soldiers to threaten traders not to open shops in vain.

The post Shops closed as traders in Uganda open strike first appeared on Uganda Multimedia News & Information.

The commercial banks operating in Uganda charge over 27% on loans. Our reporters in Mityana, Kampala and Mubende among other districts have told us that most of the shops in Kampala and other districts have not opened today amidst the government requests to them to open the shops.

The spokesman of Kampala City Traders Association (KACITA), Issa Sekitto has told us that they will continue with the strike for the next three days until the government directs commercial banks to reduce the interest rates.

The government deployed soldiers to threaten traders not to open shops in vain.

By Moureen Nakyanzi

The post Shops closed as traders in Uganda open strike first appeared on Uganda Multimedia News & Information.

A source working in the office of the presidential advisor in charge of the UPDF has told our informer that president Museveni has directed the ministry of finance to make sure that the UPDF veterans; widows of the fallen UPDF soldiers access the loans next financial year.

However, not all UPDF veterans and widows are to get the loans. The people to get the loans are those members registered under UPDF veteran associations across the country and those veterans under the NRM national league.

So if you are a UPDF veteran and you are not a member of NRM league and not a member in veteran associations better register now.

By James Okello

The post UPDF to give veterans loans first appeared on Uganda Multimedia News & Information.