The government has released Shs10 billion to support Uganda’s entertainment industry, with three music promoters’ Savings and Credit Cooperative Societies (Saccos) receiving the funds.
The money, disbursed through the Microfinance Support Centre (MSC), is intended to give music promoters access to affordable financing to expand their businesses, invest in entertainment-related ventures and create jobs.
President Yoweri Museveni pledged the funding last year during a meeting with music promoters and other entertainment industry stakeholders at Kololo Ceremonial Grounds.
The funds have now been disbursed to three Saccos: Kampala and Beyond United Music Promoters Savings and Credit Cooperative Society, National Events and Bivulu Promoters Sacco, and Uganda Music Promoters Sacco, led by prominent music promoter Abbey Musinguzi, popularly known as Abitex.
The disbursement was confirmed during the promoters’ Annual General Meeting held at Pope Paul Memorial Hotel in Ndeeba, Kampala.
Musinguzi, who chairs Uganda Music Promoters Sacco, said the funding would be used to strengthen the music industry and create employment opportunities.
“I take this opportunity to inform the public that the money which was pledged by President Museveni has been received. This money totals Shs10 billion, which has been disbursed to three Saccos,” Musinguzi said.
He said the promoters were committed to using the funds to grow the music industry and create jobs for people working in the sector.
Musinguzi also called for greater unity among music promoters, saying the funding should bring them together rather than deepen existing divisions.
“We’ve been having a number of divisions amongst us, but we believe that, with guidance from the Microfinance Support Centre, this money will not divide us,” he said.
The government funding comes as music promoters seek more affordable sources of financing, with promoters saying the high cost of borrowing from commercial lenders has made it difficult to sustain and expand their businesses.
