300 groups in Tanga Region to benefit from Magufuli's 50m/- pledge

29Jan 2016
Our Reporter
The Guardian
300 groups in Tanga Region to benefit from Magufuli's 50m/- pledge

At least 300 entrepreneur groups in Tanga Region are expected to benefit

from loans which will be provided through the 50m/- pledged for every

village by President John Magufuli during his election campaigns last

year.

President John Magufuli

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

poverty.

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

livelihoods.

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.

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