Home East Africa Uganda signs MoU for Socio-Economic Transformation

Uganda signs MoU for Socio-Economic Transformation

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Equity Bank Uganda and the Bunyoro Kitara Kingdom have signed a Memorandum of Understanding(MoU) to work towards achieving a socio-economic transformation.

The MoU will facilitate and strengthen the bond between the two entities in the areas of enterprise development and financial inclusion as well as energy and environment, food and agriculture, education, health, and oil and gas.

The Executive Director of Public Sector and Social Investments, Elizabeth MwerindeKasedde, during the signing ceremony which took place at the Kingdom headquarter in Hoima, appreciated the Kingdom for its commitment, efforts, and support rendered to Equity Bank in expanding socio-economic opportunities for the population at the bottom of the economic ladder.

“The MoU shall drive a sustainable and scalable approach to social and economic transformation in the kingdom through a scholarship fund, internship, adolescent sexual and reproductive health, and low-cost financing of health providers among others,” she said.

The Bunyoro Kitara Kingdom Prime Minister Rt. Hon. Andrew Byakutaga said, “Today is yet another milestone. We are here to sign a Memorandum of Understanding which will guide the two institutions to collaborate in areas of social service, gender, tourism, and production.”

He added that the people of Bunyoro kingdom still face challenges with managing financial resources, therefore, there’s a need to empower them with knowledge and skills to make profitable and informed financial decisions.

Through programs run by Equity such as Young Africa Works and products such as EquiMama, the parties shall work to scale up financial inclusion and shared prosperity through financial literacy to the Bunyoro population, especially women and youth in their organized groups.

The partnership will also bring financial support to agriculture in the Kingdom, assist women groups, Saccos, livestock value chain, and unlock local content in the food supply.

The parties will work together to adopt new measures for climate mitigation such as environmental conservation and implementation of carbon offsetting programs such as tree planting, natural forestry conservation, and horticulture.

Equity Bank will also support renewable energy programs such as solar and clean cooking. The two parties shall also cooperate in areas of mutual concern related to the commercial activities across the oil & gas value chain and mitigating the negative impact of petroleum.

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