CRDB Sh5 billion ICT funding for women and youth open for applications

Dar es Salaam. Tanzanian youth and women can now apply for funding to finance their information and communication technology (ICT) projects through CRDB Bank’s new programme.

Launched last October, the programme known as iMbeju is the brainchild of CRDB Bank Plc in partnership with the Information and Communication Technologies Commission (ICTC) and the National Science and Technology Commission (Costech).

Under the programme, CRDB Bank Plc is setting aside Sh5 billion in annual financing for ICT projects as the lender seeks to foster the growth of the digital economy in Tanzania.

Speaking during an event to officially open the application window for project funding in Dar es Salaam yesterday, CRDB Bank Plc managing director Abdulmajid Nsekela said the programme will see the lender disbursing seed capital to youth and women who own businesses and those with innovative ideas.

Through the programme, youth will have to submit their business plans while those in school will have to bring their innovative ideas and the team of experts from CRDB Bank will analyse them and approve the required capital or relevant training needs.

“This programme is focused on empowering women and youth economically by providing them with capital and support to develop their businesses,” he said during the window opening event that was graced by Prime Minister Kassim Majaliwa.

Mr Nsekela said the funding of the enterprises will follow a competitive approach and that those with the best ideas will be successful in getting the funds.

“One may ask why we selected to create a seed capital for the group of youth and women and our main reason is that we have identified businesses run by these groups and find out that most of them operate informally and that due to a lack of experience, a number of them fail to get financing,” he said.

Gracing the event, Mr Majaliwa highlighted the need for Tanzanian youth to take advantage of the changing global economic landscape and embrace entrepreneurship and innovation as a means of achieving economic growth and development.

He said embracing entrepreneurship and innovation were the surest means of curbing youth unemployment, particularly among graduates.

“There are numerous opportunities in various sectors for youth to leverage on, including agriculture, manufacturing, tourism, and the creative industry,” he said.

He said the government, he said, has also been in the forefront of supporting youth’s development and addressing the employment gaps.

The government has also directed all councils in the country to allocate areas for production activities, he said, adding that so far 274,091 acres have been allocated for agricultural activities and the development of small industries.

CRDB Bank Foundation CEO Tully Esther Mwambapa said iMbeju was among the key projects of the foundation which is tasked with establishing and implementing innovative, sustainable and participatory programmes aimed at bringing social and economic prosperity.