Dr Mwinyi said the IDs, vendors and small scale entrepreneurs (SMEs) will be highly trusted by the financial institutions including in the banks and thus access loans to improve their projects.
Speaking during the launch of the initiative yesterday President Mwinyi said the IDs will make it easier for the entrepreneurs to access other services smoothly as they will be legally recognized.
“I am happy that today we have managed to fulfill our pledge that we gave to the petty traders here in Zanzibar. The government recognizes the huge contribution of petty traders in the country’s economic growth, so we will continue to improve the business environment for the small-scale entrepreneurs to enable them conduct their activities smoothly,” he said.
President Mwinyi said the move is in line with the implementation of various promises issued by the government and by adhering to several laws relating to entrepreneurs including Act No. 7 of 2014, which aims to create a conducive environment to support entrepreneurs groups of youth, women and people with disabilities.
He said the government will issue 50bn/- out of the promised 100bn/- so as to support vendors and SMEs in essential training, loans and capital; as well as market opportunities.
Dr Mwinyi said the remaining 50bn/- will be issued by some banks that have expressed interest to support the initiative.
Apart from that, President Mwinyi assured the entrepreneurs that the revolutionary government of Zanzibar is committed to ensure that it creates a good environment for traders to conduct their business freely.
He said that the government has already started negotiations with investors in a move aimed at facilitating construction of markets for them to conduct their businesses.
He said the government of Zanzibar was on the final stage of discussions which will have a different view from the current one.
“Today we are making history in ensuring that traders conduct their businesses freely,” he said.
He asked the traders to follow directives issued by regional and district commissioners especially when they allocate places to do their businesses.
Dr Mwinyi hailed AIM Group Limited of Dar es Salaam for creating a better environment for doing business.
Earlier, president Mwinyi held talks with minister for Defense and National service Dr Stergomena Tax at State House in Zanzibar.