By Leonard Kamugisha Akida,
KAMPALA
Over three million people involved in the creatives from 13 registered Saccos in Uganda will benefit from Shs28 billions under the Creative Arts Fund.
…the funds will be accessible through selected SACCOs of individual creatives at a 5% interest rate per annum, Mutuuzo explained.
Speaking at the launch of the fund at Uganda Media Centre – Kampala on Wednesday, the Minister of Gender, Hon. Peace Regis Mutuuzo said the fund is aimed at supporting government’s move to transitioning and strengthening enterprises in the creatives sector.
“The fund recognizes creativity as an economic asset and treats creativity as not merely entertainment but as an enterprise for export, employment and innovations,” said Mutuuzo. “It is designed to support government’s vision of transitioning from a subsistence income or economy to a middle income economy to a middle-income economy by enabling creatives to scale up their enterprises, create jobs.”
The minister said the government has already disbursed Shs9 billions in the initial phase of the implementation to some of the approved and verified Saccos including the national publishers and media practitioners, Comedian SACCO, Uganda Filmmaker SACCO, Performing Arts Kampala Film Sector SACCO, Uganda Music Promoters Sacco, Performing Arts Kampala Bodybuilding, Bungoko Fukirisa Saving and Credit Cooperative Society among others.
The 28 billion shillings was allocated as follows: Shs5 billion for musicians, Shs5 billion for copyright support, and Shs18 billion for other creative SACCOs. Funds will be disbursed quarterly through 13 regional SACCOs
Mutuuzo said the funds will be accessible through selected SACCOs of individual creatives at a 5% interest rate per annum. She added that only individuals in registered will benefit from this fund.
Importantly, copyrights and royalties can be used as collateral, underscoring the role of the Uganda Registration Services Bureau (URSB) in intellectual property registration and validation.
Sylivia Owori, the chief coordinator operation world creation and the chairperson of the national organizing committee of the uganda one festival commended the government for fulfilling its long time promise to support artists, and urged the beneficiaries to use the money profitably and improve their livelihoods.
“The government has recognized and given you resources, so I urge all the creatives not to disappoint government. Give the value for money so that next year or so that you can be able to be given more funds,” she said.
