Organisation unveils Sh49bn development fund for SMEs

What you need to know:

The project, known as ‘Strengthening Small Business Value Chains,’ started two years ago ahead of its official launch yesterday. It targets improving the performance of Small and Medium Enterprises (SMEs) and in the agri-food, manufacturing, construction, logistics and extractive sectors.

Dar es Salaam. Meda Tanzania – the local arm of a Canada headquartered international economic development organisation – officially launched its 30.82 Canadian dollar (Sh49.3 billion) project that seeks to help in developing Tanzania’s businesses.

The project, known as ‘Strengthening Small Business Value Chains,’ started two years ago ahead of its official launch yesterday. It targets improving the performance of Small and Medium Enterprises (SMEs) and in the agri-food, manufacturing, construction, logistics and extractive sectors.

It will run for six years, according to the Meda country representative project manager, Ms Adam Diouf.

“Through the provision of grants, business development support services and the mobilisation of business alliances, the project deals with small, medium or large companies which are known as Lead firms. It targets the companies with forward or backward commercial linkages and significant number of SMEs,” said Ms Diouf.

Since its establishment, she said, Meda has contracted six lead firms which have allowed them to reach over 10,000 small entrepreneurs and more than 570 small growing businesses.

She added, by contracting Match Maker Associate as bulk business development support service provider, the project has also ensured 22 small growing businesses would get access to business development services while 15 others will be linked to loan facilities.