By Stuart Bogere
KIU, Main Campus - Noah Omuya, a final year student of Mass Communications at Kampala International University alongside Immaculate Akello, a former student of law at KIU and a group of youth under the United Nations Youth Coalition for Social development Goals (SDGs), have asked President Yoweri Museveni to support youth entrepreneurship.
Omuya was part of the United Nations Youth Coalition for SDGs delegation that met President Museveni at State House, Entebbe last week.
Their delegation was led by the United Nations Resident Coordinator, Her Excellency Rosa Malango, Honourable Minister Mary Karooro Okurut and other United Nations agencies.
Omuya represented his media organization AICA Communications, which is an online news outlet
In their discussion, the youth presented to the President the different policies and recommendations as far as youth entrepreneurship is concerned.
One of the outstanding recommendations was the granting of at least a 7 year tax holiday to youth-led startups so as to give them the time frame to develop into steady enterprises.
Another recommendation was to request the president to direct the Uganda Development Bank (UDB) to permit youth-led startups to borrow as low as 10 million shillings and not to be charged the same interest rates by UDB as already established investments that are required to borrow a minimum of 100 million shillings with collateral of 20% of the value of the borrowed amount.
The President agreed to allow youth-led startups to borrow from as low as 10 million from UDB and promised to discuss with the bank on how much collateral should be required, in order to suit the young people who are the next generation of big investors.
The President welcomed their idea of requesting for a tax holiday for youth-led startups.
He also asked the young people to seriously consider the idea of venturing into commercial agriculture.
Picture credit: PPU