Music promoter Abbey Musinguzi, popularly known as Abtex, has confirmed that the Uganda Music Promoters SACCO has received funds pledged by President Yoweri Museveni to support music promoters.
The development was announced during a recent special general meeting of promoters, where members were informed that the funds had been received and preparations were underway to begin disbursing them.
“We’ve been allowed, and everyone is going to spend according to what they asked for,” Abtex said.
He explained that beneficiaries would first be assessed to determine whether the amounts they requested match their business needs and whether they have the capacity to repay the money.
“This is not free money and the government through MSC will be tracking the utilisation of these funds because this is taxpayer money,” he said.
The wider government funding package totals Shs10 billion and was released through the Microfinance Support Centre (MSC) to three promoters’ SACCOs.
However, recent reports differ on the exact amount currently received by the Uganda Music Promoters SACCO. New Vision and Pulse Uganda report that the SACCO received Shs2.6 billion in the latest disbursement, in addition to the Shs1.5 billion previously released, while other reports describe the organisation’s allocation as Shs5 billion.
Abtex said the initial Shs1.5 billion disbursement had been quickly exhausted before the balance was released.
“We first received 1.5 billion, which seemed like it fell into the frying pan as it simply disappeared. The balance has now been given to us,” he said.
The funds are expected to provide promoters with more affordable financing for their businesses, with beneficiaries required to meet the applicable repayment and accountability requirements.
Abtex also used the opportunity to confirm publicly that the funds pledged to the promoters had now been received.
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