The government on Thursday promised to double youth funds from 25 billion shillings to 50 billion shillings in the financial year 2012/2013. The government recently signed an agreement with three commercial banks in Kampala to create the 25 billion shillings youth joint venture fund.

The banks were Development Finance of Uganda (DFCU) bank, Stanbic Bank and the catholic church owned Centenary Rural Development Bank.

The money to be doubled will support the growth of business ventures owned by the youth in Uganda aged between 18 and 35 years and help them to create jobs for themselves.

The finance minister, Maria Kiwanuka explains that the 50 billion shillings will help the youth to start up their own jobs.