The Chief of Defense Forces (CDF), Gen Muhoozi Kainerugaba, today chaired the inaugural meeting of the MK Fund, marking the first gathering of its Board of Trustees.
The MK Fund is designed to complement existing government programs, including the Parish Development Model (PDM), and support vulnerable segments of society, particularly urban youths.
Gen Kainerugaba, who serves as chairman of the Board of Trustees, emphasized that the board will provide strategic direction and oversight for the Fund. He also announced the creation of a review committee tasked with evaluating applications from individuals seeking financial support from the initiative.
Members of the Board of Trustees include Jane Ruth Aceng, Minister of Health; Frank Tumwebaze, Minister of Agriculture; Edwin Karugire, Secretary; and veteran journalist Andrew Mwenda.
The MK Fund will provide seed grants to young innovators with business ideas in commercial agriculture, local manufacturing, and information and communication technology (ICT). Each grant will not exceed Shs 1 million per individual, and beneficiaries will not be required to repay the funds. “The only payback will be the success of the recipient,” Gen Kainerugaba said.
To facilitate the application process, the Fund will launch a dedicated website where applicants can submit proposals online. Detailed eligibility criteria will be made available on the platform. While the initial fund size is Shs 1 billion, the Board of Trustees plans to explore ways to expand the Fund to serve a larger number of beneficiaries and prevent depletion.
The MK Fund also aims to promote gender equity, ensuring that at least 30 percent of grants are allocated to female candidates, while maintaining regional balance. A small secretariat will be established to manage applications, evaluate candidates, and monitor and evaluate the progress of funded businesses.
