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KACITA, DTB Partner to Build Traders' Village :: Uganda Radionetwork

KACITA, DTB Partner to Build Traders' Village

DTB Uganda Managing Director, Varghese Thambi, says because of the need to recover their businesses and livelihood after Covid 19, traders have opted for the expensive, inconvenient and risky moneylenders for capital, making their plight even worse.
DTB and KACITA agreed to work together over the next five years on low-interest capital, housing, environment

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Traders in Uganda are poised to access decent housing at a low cost if the plan by Kampala City Traders Association (KACITA-Uganda) and Diamond Trust Bank Uganda materializes.

The proposed KACITA Village in the Zirobwe-Busiika area in Luwero District is part of a wider partnership between the two organizations aimed at tackling the lingering effects of the COVID-19 pandemic on small-scale traders.

According to DTB Uganda Managing Director, Varghese Thambi, the houses which could cost between 15 and 18 million shillings a unit would be acquired by the beneficiaries through a low-interest loan accounting for up to 80 percent of the total cost, payable in up to four years.

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The partnership also comes with low-interest credit products to help businesses access quick and cheap capital.

Varghese says because of the need to recover their businesses and livelihood, traders have opted for the expensive, inconvenient, and risky moneylenders for quick capital, which has worsened their plight.

This, he says is because the entrepreneurs have not been effectively helped in their plight and they need to be sensitized on how they use commercial banks for safe custody of their money and access to more convenient sources of credit.

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KACITA-Uganda Spokesman Issa Sekitto says non-traders can also acquire the KACITA–Uganda card and be eligible to access the houses.

Sekitto says the traders community, especially small-scale traders, of whom a big part are women and youth, have never overcome the challenges posed by the COVID-19 pandemic.

He says the slow recovery in personal incomes of Ugandans has made it worse, with even the long-awaited end-of-year seasons no longer as busy as they used to be.

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Thaddeus Musoke, the KACITA-Uganda Chairman says they have been searching for more practical solutions to help the businesses, especially the women and youth since the pandemic days, and the partnership with DTB therefore comes in handy.

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The Kacita Village (or Kacita Country, according to the DTB boss) will be constructed by the ESG (Environmental, Social, and Governance) principles that are increasingly becoming a global financing best practice.

This will go hand in hand with planting of 1 million trees in and around the KACITA Village and in areas they can access around the country, in the next five years, according to Thambi.   

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