Government says the delay in paying back Citizens Economic Empowerment Commission (CEEC) loans will hinder the growth of the cooperative sector in the country.
Commerce, Trade and Industry Permanent Secretary Kayula Siame said it is sad that while government is encouraging the initiative by organisations such as the (CEEC) to give out loans, most beneficiaries are not paying back the loans on time.
She said this when she toured some of the CEEC empowered projects in Kasama District.
ZANIS reports that Ms. Siame also said government is revising policies to ensure that they create a favorable environment for the operation and growth of the cooperative industry.
She said there is need for people to support local projects by buying local products aimed at increasing income levels among households and ultimately the country’s economy.
And Ms. Siame further commended Cheengelo Nursing School for paying back the CEEC loan on time.
She has since urged other entrepreneurs to emulate the nursing school and has also encouraged the school to continue working hard so that its good record is maintained.
Meanwhile, Cheengelo Nursing School Co-Founder Godfridah Mugala thanked government for initiating the idea of giving loans to entrepreneurs.
Ms. Mugala added that the initiative has greatly helped entrepreneurs both young and old realize their full potential in the business sector.
The PS was recently in Northern Province where she toured various cooperatives and projects.
Among the toured projects were Cheengelo Nursing School, Regitech Soya Processing Industry Limited and Kasama Dairy Farming Cooperative.