The Ugandan government has released Shs10 billion to support the country’s entertainment industry, fulfilling a pledge made by President Yoweri Museveni last year.
The development was announced on Friday during a general meeting of music promoters held at Pope Paul Memorial Hotel in Ndeeba, Kampala.
The funds were disbursed to three music promoters’ savings and credit cooperative societies (SACCOs): Kampala and Beyond United Promoters Savings and Credit Cooperative Society Limited, Uganda Music Promoters SACCO, and National Events and Bivulu Promoters Multipurpose Cooperative.
Abbey Musinguzi, popularly known as Abitex, who is the chairman of Uganda Music Promoters SACCO, confirmed that the funds had been received.
“I take this moment to inform the public that the money which was pledged by President Museveni has been received. This money is Shs10 billion, which has been distributed to three SACCOs. We thank President Museveni for fulfilling his pledge,” he said.
Taddeo Atuhura, the communications manager at the Microfinance Support Centre, confirmed that the money had been wired to the respective SACCO accounts.
The funding is expected to support music promoters and strengthen activities within Uganda’s entertainment sector.
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