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Govt plans to set up bank for youth

5th February 2013
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Dr Fenella Mukangara

Tanzania is set to come up with a special bank for youth which is geared to address economic hardships the youth have been experiencing in the country.

Minister of Information, Culture, Sports and Youth, Dr Fenella Mukangara revealed this yesterday when responding to Nzega MP, Hamis Kigwangala, who moved a private motion asking the government to come up with a special programme to boost youth employment by establishing a youth loan fund in the country. 

Dr Mukangara said: “We are in a very advanced stage of accomplishing this mission of establishing the bank.”

The minister revealed that by June this year, the modality of the bank will be released to the public.

“We have already sourced a start-up capital of 15bn/-, as one of the important requirement for the establishment of the bank,” the minister said, adding that ground works on the bank were underway, including picking a consultant for the proposed bank.

Dr Mukangara asserted that the bank will start is operations in a few years to come, so as to address key challenges facing youth in the country.

In her reaction on the matter, Minister for Labour and Employment, Gaudentia Kabaka said the youth fund has been present since 1994.

“I agree with the MP’s motion of establishing the fund but, what is needed is for Tanzania’s youth to be aggressive in sourcing employment,” the minister stated.

She noted that there is an increasing wave of youth who prefer to sit jobless, sometimes playing pool tables during working hours.

“This is a very wrong perception, we cannot continue living like thing, it is high time for youth to embark into productive activities instead of just sitting around idly,” she said.

Minister of State, Prime Minister's Office, Investment and Empowerment, Dr Mary Nagu said youth will have to be in groups so as to benefit from the proposed fund.

She said that the youth will not benefit from the government’s allocated funds if they are not in the productive groups.

The minister also stated that the fund will be channeled to agriculture adding that youth should also know their responsibilities to be able to address challenges facing them.

Wrapping-up his motion, MP Kigwangala added that youth should change their mindsets and grab every opportunity and unleash their potentials.

“It is important for Tanzanian youth to change their mindsets and grab every opportunity that would enable them earn a living…. they need to be aggressive when it comes to employment,” said Kigwangala.

He also asked the government to come up with a special programme that will make them embark into farming activities in their localities.

“We have a large chunk of arable land; let’s give this land to our youth. We should not continue giving land to the so-called investors when we have millions of Tanzanian youth who are idle and unemployed,” he said.

SOURCE: THE GUARDIAN