Youth demand for their own bank for development

Post Date: July 14, 2017 Categories: Author: upfya

Youth are demanding for the setup a Youth Development Bank to manage the financial demands of the young people in the country. This was revealed during a press conference at Parliament which was attended by youth leaders from the various parts of the country as well as members of Parliament. According to them, the bank is intended to address the needs of the young people while recognizing their limitations in accessing financial capital such as lack of collateral which currently excludes them from access to credit from the current financial institutional set up of commercial banks and lending facilities.

The proposed bank is also seen as a channel through which all resources intended for youth development such as the existing youth capital venture fund, students’ loan scheme and youth livelihood Program shall be managed which will ease the coordination and monitoring of these programs and projects.

Mr. Kiryowa Andrew, the Wakiso district youth chairperson, said “The existing Youth livelihood program has faced a number of challenges such as political interface which the bank could be in position to mitigate.“

The bank will also support the youth with big visions and dreams  either as individuals or in groups thus promoting innovation , according to Hon. Karungi Elizabeth, the woman member of Parliament from Kanungu district.

Countries like India have already established such initiatives in order to support the youth and this has rendered the youth more productive thus contributing to the country’s GDP.