11-mar-2026 LCC TV NEWS
FORT PORTAL, UGANDA — The Chief of Defence Forces (CDF), Gen Muhoozi Kainerugaba, has chaired the inaugural meeting of the MK Fund’s Board of Trustees in Fort Portal, officially setting in motion a Shs1 billion private initiative designed to provide seed capital to vulnerable urban youth with innovative business ideas .
The Tuesday meeting, which marked the first formal gathering of the Fund’s leadership, saw Gen Muhoozi outline a vision for the MK Fund to complement existing government poverty alleviation programmes such as the Parish Development Model (PDM). The Fund will specifically target segments of society that remain underserved, with a particular focus on urban youth who possess innovative concepts but lack access to startup capital .
“We are targeting those segments of society that are most vulnerable, especially urban youth who have innovative ideas but lack access to capital,” Gen Muhoozi said during the meeting .
Board Composition and Oversight Structure
Gen Muhoozi, who serves as chairman of the Board of Trustees, emphasized that the board will provide strategic direction and oversight to ensure the Fund achieves its intended objectives .
The Board of Trustees comprises prominent Ugandans including Health Minister Dr Jane Ruth Aceng, Agriculture Minister Frank Tumwebaze, veteran journalist Andrew Mwenda, and city lawyer Edwin Karugire, who serves as secretary to the board .
According to Mr Mwenda, who also serves as spokesperson for the Patriotic League of Uganda (PLU), the board will establish a review committee tasked with examining and evaluating applications from individuals seeking support from the Fund .
Funding Model and Target Sectors
The MK Fund will provide seed grants to youth with innovative business ideas in three priority sectors: commercial agriculture, local manufacturing, and information and communication technology (ICT) .
Each successful applicant will receive up to Shs1 million in cash, and crucially, beneficiaries will not be required to repay the money .
“The only pay back will be the success of the recipient,” Gen Muhoozi said, encapsulating the Fund’s philosophy of investing in human potential rather than demanding financial returns .
Inclusivity and Regional Balance
The initiative incorporates deliberate measures to ensure broad-based impact. At least 30 percent of the grants will be reserved for female applicants, and the board will ensure regional balance so that beneficiaries come from different parts of the country .
Application Process and Secretariat
To streamline access, the Fund will establish a dedicated website through which applicants will submit their proposals online. The platform will provide detailed guidelines on eligibility requirements and the application procedure .
A small secretariat will be established to handle day-to-day operations, including processing applications, evaluating candidates, and conducting monitoring and evaluation of businesses established by beneficiaries .
Fund Sustainability
While the MK Fund launches with an initial capitalisation of Shs1 billion, Gen Muhoozi and the Board of Trustees have committed to exploring ways to expand the resource base so that the Fund does not become exhausted and can reach more beneficiaries over time .
Gen Muhoozi said the initiative is intended to help young people transform innovative ideas into viable businesses that can create jobs and improve livelihoods, contributing to broader national economic development goals .
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