Gideon Badagawa, the Private Sector Foundation Uganda Chief Executive Officer says, this money is likely to be misused because the small and medium enterprises that they are supposed to go to, are not formal.
The initiative, launched in July 2017, was premised on the foundation that while the Government of Uganda has invested considerable resources in combating HIV/ AIDS, there is still a lot of dependence on external foreign donors especially for the purchase of HIV/AIDS prevention and treatment commodities.
January was the twelfth straight month expansion according to latest figures released by Stanbic Bank in Kampala. Generally, Januarys performance emerged as the weakest reading since May 2017 with 52.0 PMI index reading.
The East Africa Regional Economist at Stanbic Bank, Jibran Qureishi, said the private sector continues to recover supported by the easing of the monetary policy stance for the better part of the last year or so.
Commenting on the recently released United Nations Doing Business Report 2017, which showed that Uganda improved from the 122nd position in 2015 to 115th in 2016, Badagawa said it is pathetic that such information do not get to most business people.
Owners of small and medium businesses have been advised to start grooming their children in business as early as possible to ensure longevity of their businesses even after they have passed on. The call was made by Hope Kasimbazi, Private Sector Foundation Uganda's Outreach and Partnership Officer at an event for small and medium enterprises (SMEs) in Kampala.
Finance Minister Maria Kiwanuka reveals that US$54million, more than 50percent of the acquisition will be for the lands sector, US$25million for business registration and licensing, US$25m for tourism marketing, administration and training, and US$8million as grants to SMEâ€™s under the Private Sector Foundation Uganda (PSFU).
Economic analysts in Uganda say despite the fact that economic development initiatives target job creation are critical to poverty alleviation; Uganda still has to grapple with a host of challenges including lack of a conducive business environment to attract investor who in turn create jobs.