President Yoweri Museveni has fulfilled the promise he made to Gulu University staff to give them Shs 100m to support personal investment activities and improve their financial statuses.
Museveni, on January 11, 2020 during the 15th graduation ceremony at Gulu University, pledged to make financial contribution to the Gulu University staff through their credit and saving scheme known as Trusted Friends Gulu University Savings Association.
Museveni said he decided to encourage saving schemes to avail civil servants with soft loans for business and save them from the high interest rates charged by the commercial banks and other financial institutions.
Gulu University Vice Chancellor, Prof. Openjuru George Ladaah and the University Secretary told staff on Monday morning that the money has finally reached the account. Openjuru appealed to staff to utilize the money for its intended purpose to create wealth and improve on their financial statuses.
“This will go a long way in improving the finance of the staff and I urge you to use it well so that we account to His Excellency the strides we are going to make,” said Openjuru.
Gulu University Assistant Public Relation Officer, James Onono Ojok said all staff of the University are entitled to the money and the borrowing interest is going to be 10% without any collateral security requirement since their salaries will serve the security purpose.