The Chief of Defence Forces, Muhoozi Kainerugaba, today chaired the inaugural meeting of the MK Fund in Fort Portal City, officially setting in motion an initiative aimed at empowering vulnerable segments of society, particularly urban youth.
Gen. Muhoozi, who also serves as Chairperson of the Fund’s Board of Trustees, said the board will provide strategic direction and oversight to ensure the fund achieves its mission. He further revealed that a review committee will be established to assess and evaluate applications from individuals seeking support through the fund.
The Board of Trustees comprises prominent national leaders and professionals, including Health Minister Jane Ruth Aceng, Agriculture Minister Frank Tumwebaze, lawyer Edwin Karugire who serves as Secretary to the Board, and political analyst Andrew Mwenda.
According to Gen. Muhoozi, the MK Fund will provide seed grants to young innovators with promising business ideas in sectors such as commercial agriculture, services, local manufacturing, and Information and Communication Technology (ICT). Individual beneficiaries will receive seed capital of up to UGX 1 million, which will be offered as a non-refundable grant.
“The only payback we expect is the success of the recipient,” Gen. Muhoozi said, emphasizing the Fund’s goal of stimulating entrepreneurship and self-reliance among young Ugandans.
To enhance transparency and accessibility, the MK Fund will establish an online platform where applicants can submit their proposals. The website will also provide detailed eligibility criteria and application guidelines.
The Fund will begin with an initial capital of UGX 1 billion. However, Gen. Muhoozi and the Board indicated that efforts will be made to expand the resource base to sustain the program and increase the number of beneficiaries over time.
In promoting inclusivity, the MK Fund has committed that at least 30 percent of the grants will be allocated to female applicants, while also ensuring regional balance in the distribution of opportunities across the country.
