It seems the youths across the country are full of smiles since the government has announced that they can access low interest loans from banks starting by next week.

The government has put a side 25 billion shillings for the youth to borrow. The minister for finance, Miria Kiwanuka says that the youths can access this money from DFCU bank, Stanbic Bank and Centenary Bank among other commercial banks inUganda.

Addressing journalists inKampalatoday, Ms Kiwanuka said that the interest rate of 15 per cent will be charged per youth loan acquired.

She says that the interest rate will remain unchanged for the period of six months running. Ms Kiwanuka says that the loan will be available for only first time borrowers and it will be paid back within four years with a grace period of one year. The youths’ category to access the loans must be aged between 18-30 years old and they can borrow up to five million shillings.

By James Okello