By Karim Muyobo
KAMPALA: Preparations are underway for over 2,000 Ugandans in diaspora to celebrate president Museveni’s election victory.
Ahead of the president-elect’s swearing in scheduled for May, Ugandans living abroad are set to converge in Cape Town, South Africa to celebrate the January landslide victory, and also launch a diaspora Savings and Credit Cooperative Organisation (Sacco).
Phillip Kakuru, a senior presidential adviser on trade and National Resistance Movement (NRM) diaspora patron who is spear heading the initiative, says the Sacco is intended to harness the financial potential of Ugandans living overseas.
He explains that the over four million Ugandans in the diaspora can come together and contribute at least $50 per month, which translates into about $600 annually per person- thus generating up to $2.5bn every year.
According to organisers, of the March 29th event, the Sacoo will be open to all Ugandans regardless of political affiliation.
Kakuru told Daily Monitor that such pooled resources could significantly boost Uganda’s economy if invested in key sectors such as real estate, healthcare, and financial services.
“We are looking at long-term goals, including the establishment of a diaspora bank in Uganda. Many successful financial institutions started from similar cooperative models”, he added.
According to the organizing committee led by Abu Mayanja and Umar Batambuze, expects between 1,500 and 2,000 delegates NRM supporters, government officials, private sector players and members of South Africa’s ruling African National Congress (ANC). Several senior Ugandan officials and NRM leaders including Speaker of Parliament Anita Among and NRM Secretary General Richard Todwong, among others are also expected to attend.
Organisers say the investment scheme launch, to be held from March 28-29 at the Cape Town International Convention Center aligns with president Museveni’s long-standing emphasis on socio-economic transformation, financial inclusion and Pan-African cooperation.
