Hijaz Cooperative Unveils $10m Fund To Fight Poverty, Youth Unemployment

What the report says

Hijaz Cooperative has launched a $10 million Revolving Economic Empowerment Fund, or REEF, in Kampala to support efforts against youth unemployment, poverty and limited access to financing in Uganda. According to Nile Post, the fund was unveiled at the Uganda Investment Authority Business Centre in Kololo and is intended to channel Islamic social finance into business development, agriculture, vocational training and access to productive assets.

The initiative is designed to support young people, women and other underserved groups, including persons with disabilities and refugees. It will seek resources through Zakat, Sadaqah, Awqaf, corporate social responsibility programmes, grants and partnerships, with the goal of creating a revolving pool that can be reused for successive beneficiaries as recovered funds are reinvested.

The launch drew government officials, diplomats, religious leaders, academics and private sector representatives. Speakers included Hijaz Cooperative Chairman Hajj Dr Kaliisa M, along with officials linked to the National Resistance Movement, the Uganda Investment Authority and the Ministry of Trade, Industry and Cooperatives. Kampala University Vice Chancellor Prof Badru Kateregga also attended, and a representative of Qatar’s embassy pledged support.

Nile Post reports that the fund aims to bridge short-term charity and longer-term economic independence by backing income-generating projects and skills development. Its success will depend on fundraising, management and implementation, but the model is meant to help small entrepreneurs and farmers who often struggle to access affordable capital.