Zanzibar President Dr Hussein Ali Mwinyi said here yesterday that, in this connection, CRDB Bank Plc has been assigned to provide financial literacy and issue zero-interest loans.
Unveiling the ‘Inuka na Uchumi wa Buluu’ (literally, Grow with the Blue Economy) programme the Isles government is implementing jointly with CRDB Bank, President Mwinyi said the government has allocated 81.5bn/- for the purpose and declared that the plan will benefit groups formed by entrepreneurs and small traders.
“We have assigned CRDB Bank to provide financial literacy and interest-free loans to groups of entrepreneurs and small traders thanks to the bank’s track proud record,” he said.
He pointed out that the Dar es Salaam-based lender is expected to allocate a similar amount of money for businesses to invest in various sectors including food vending, bodaboda business, women’s beauty parlours, fishing and seaweed farming.
Dr Mwinyi explained that the Zanzibar government has started issuing small traders with identity cards so that they don’t get harassed when conducting their businesses.
He added that the government is also in the process of establishing modern markets meant to accommodate all manner of businesses, including small traders.
“My advice to all concerned is that it would be wise to vacate the premises where the construction of such markets will take place,” said Dr Mwinyi, adding: “I assure you that, once the implementation of projects is completed, you will be given priority in the allocation of shops.”
Turning to his assistants, he warned that anyone daring to tamper with the blue economy initiative risked being fired.
Upon the completion of implementation, the programme is expected to generate more than 300,000 formal jobs – with an estimated 700,000 business owners benefiting directly in terms of loans but also training on financial literacy.
Briefing Dr Mwinyi on the bank’s activities in Zanzibar, CRDB Group CEO and Managing Director Abdulmajid Nsekela described the cooperation as a new opportunity that businesses ought to exploit and graduate into big companies.
“We have since last year issued over 150bn/- in loans to businesses in various sectors including tourism, fisheries, agriculture and trading,” he said.He added that, under the ‘Inuka na Uchumi wa Buluu’ initiative, entrepreneurs and small traders have already started receiving financial literacy training.Nsekela said informal businesses contribute at least one per cent of the ‘Spice Islands’ gross domestic product and are thus an important segment of clients being served by our bank (CRDB), “the country’s largest bank in terms of deposits and […]
