The Minister of Local government, James Musoni has announced that through the Common Development Fund (CDF), government will inject a total of Rwf 4.6 billion into Ubudehe Credit Scheme (UCS) in the 60 sectors where Vision 2020 Umurenge Program is currently being undertaken.
“The loans will be given to the people in the 60 sectors in the country to help them start income generating projects,” said Musoni.
However, Musoni called upon people to be vigilant with the money and avoid cases like what happened to the ‘One cow per poor family’ program. He urged them to immediately report any signs of misallocation of the funds.
According to the coordinator of program, Justin Gatsinzi, eligible candidates will be required to sign contracts with the community and will be informed of their obligation to pay back so that the next person or group of persons can be able to benefit from cumulative reimbursed amounts.
“An individual will be given a loan amounting to Rwf60, 000. For a group of 2 – 5 persons each gets Rwf70, 000.
For a group of 6 – 10 persons, they will be eligible for a loan of Rwf80, 000 while for a group of 11 persons and above, each person is eligible for a loan of Rwf100, 000,” Gatsinzi said.
The committee will be headed by the executive secretary of the sector as the chair person while VUP finance officer will be the secretary.
The Executive Secretary of each cell is also a member of this committee.
Musoni said that the funds will reach the respective Sector Accounts by February and that beneficiaries will begin getting the loans in 3 – 4 months from February.
According to the director of CDF Laetetia Nkunda, beneficiaries will repay the loan with an annual interest of 2 percent.