Tanzania: CRDB Foundation dishes out 236million to start-ups

CRDB Bank Foundation has dished out 236m/- as enabling capital to six Small and Medium Enterprises (SMEs) as part of the bank’s effort to empower youth entrepreneurs.

Through the foundation’s Imbeju programme, the lender has managed to loan out some 5.0bn/- to more than 100,000 entrepreneurs until last December.

CRDB Bank Foundation’s Managing Director Tully Esther Mwambapa said over the weekend during the leadership training programme attended by more than 200 group leaders and development officers held at the bank’s head office.

“Despite the provision of enabling capital, the foundation continues to conduct feasibility studies for youth businesses and training as well as opening opportunities to develop their businesses locally and abroad,” she said.

The purpose of the training was to ensure that the foundation creates an enabling business environment for SMEs and how to manage their groups with the end goal of turning them into companies, she said.

Until last December, the foundation managed to send five start-ups namely Planning App, Hire Me, Pay for Sure, Simply Tech, and Settlo to participate in the African Young Business Conference held in Algeria to learn and showcase their businesses.

“This year, we will also open an application window for young businesses, please seize this opportunity,” she added.

CRDB Bank Foundation Chairman Mr Martin Warioba advised group leaders to be good ambassadors and implement the training to increase efficiency.

He noted that they will continue to formulate and manage policies that will help the foundation implement the empowerment of women and youths to help build economic inclusion and bring prosperity to society.

Earlier last week, the Imbeju signed a five-year agreement with the United Nations Development Organisation (UNDP) to cooperate in several areas, with the first programme being the empowerment of youths and women.

THE AUTHOR: Florian Jamax

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