This was revealed here yesterday by Senior Investment Facilitation
Officer, Fund Management, at the National Economic Empowerment Council,
Edwin Chrisant who said the money will start to be provided at the end of
February this year.
He said the aim of providing the loans to small and medium entrepreneurs
is to empower groups which perform well in business so as to fight
Speaking to members of the entrepreneurship groups, Chrisant said they
have already set strategies to empower people through loans provision thus
it was upon them to form entrepreneurship groups so the service could
easily reach them.
“There are women and youth who are engaging in small businesses which if
empowered they can grow and rake in more income, hence improve their
For his part, Tanga District Commissioner Abdulla Lutavi called upon
entrepreneurs to stick to empowerment because the plan was under the Prime
Minister’s Office and is aimed at promoting middle income earners in the
course of fighting poverty.
Loans Manager from Tanzania Postal Bank (TPB) Ramadhani Mganga said his
bank was well prepared to serve the groups.
According to statistics, youth entering the employment market annually are
between 800,000 and 1,000,000 who jostle for 60,000 jobs in the public
sector and 300,000 in the private sector.
Early last year NEEC issued 700m/- to Tanzania Postal Bank as collateral
for the loans which will be provided by the bank to entrepreneurs.
Initiated in 2008, the plan is under the National Empowerment Fund, which
among other things provides loans and guarantee soft loans to
entrepreneurs in the country.
During his campaign in the last year’s General Election, CCM President
Magufuli promised to provide a whooping 50m/- for every village in the
country for lending to entrepreneurs.