Stanbic Bank Uganda has launched an entrepreneurship center for the youth and committed $50million to the center that seeks to boost financial literacy and empower the youth with entrepreneurial skills.

The bank has will also provide its staff to offer the financial literacy programmes. “As a bank that is close to the communities in which we operate, we identify with this project because it addresses a challenge faced by the youth of this country. The skills learnt from this initiative will not only benefit the individuals involved but the community as a whole. We are committed to working with Rotary Club of Kampala North over the next five years to ensure that the project realizes its objectives,” said Fred Mugisha the bank’s Business Development Manager.

The project is expected to run five years. Even as the youth form the largest proportion of the Uganda population, majority lack entrepreneurship skills and are unable to take advantage of opportunities, a gap the Entrepreneurship Centre seeks to address.

“This Entrepreneurship Centre will address some of the challenges the youth have been facing such as unemployment and lack of skills.

We thought if we nurture them and prepare them for the competitive world beyond school, we can get a better Uganda with young people who have real life experiences,” said Ms.Margaret Nakanjako Njeri, the Kampala North Rotary Club President.

Sitting on 20 acres on land, the centre will house classrooms, a library, computer labs, administration offices, training workshops and accommodation facilities. It will also provide shelter to orphans and other vulnerable children, and create employment for the growing number of unemployed youth, through humble business startups.

“This project will focus on changing the mindset of the youth towards entrepreneurship. We understand the value of teaching some of the most basic skills such as sewing, knitting and cooking, and how these skills when put to use, can help young people earn a living,” said Francis Tusubira the Project Chair.