Empowerment council gives loans to over 270 groups

Geita. The National Economic Empowerment Council of Tanzania (NEEC), in collaboration with the Tanzania Postal Bank and UTT Microfinance, has provided loans with affordable interest to 277 groups in the lake regions.

The loans, worth Sh2.8 billion, have been offered to members of the village community banks (Vicoba) and small entrepreneurs, with the Geita District Council availing loans worth Sh50 million to youth groups and women.

Presenting cheques for the loans yesterday, the Minister of State in the Prime Minister’s Office - Policy, Parliament, Employment and the Youth - Ms Jenista Mhagama, said statistics showed that unemployment was the major challenge currently facing the youth, despite the government’s efforts in addressing the challenge.

She said the loans provided to 3,789 members, if spent well, could be repaid and loaned to others, who would also create development projects to increase incomes for households and the nation.

The minister directed all the councils in the country to emulate the Geita Town Council, which, in four months, this year, had given Sh 90 million for loans to groups of youths and women, whereby in the year 2016/17 it again provided loans worth Sh432.6 million, all the cash emanated from internal revenue.

She said as we moved towards industrialization, vocoba and Saccos groups were supposed to create projects that would enable them to establish small industries with the aim of entering economic industrialization.

Ms Mhagama also called upon the empowerment councils to cooperate with residents so that the latter coulsd recognize the available opportunities in their areas for investment and develop economically, saying every coordinator of an empowerment council would be assessed according to his performance.

For his part, the NEEC secretary, Beng’I Issa, said a Sh2.8 loan of 57 percent was given to women while 43 percent being given to men, clarifying that the loan was previously intended for the women but due to the men’s awareness loans were now provided to both men and women.

ENDS

The minister directed all the councils in the country to emulate the Geita Town Council, which, in four months, this year, had given Sh 90 million for loans to groups of youths and women, whereby in the year 2016/17 it again provided loans worth Sh432.6 million, all the cash emanated from internal revenue.

She said as we moved towards industrialization, vocoba and Saccos groups were supposed to create projects that would enable them to establish small industries with the aim of entering economic industrialization.

Ms Mhagama also called upon the empowerment councils to cooperate with residents so that the latter coulsd recognize the available opportunities in their areas for investment and develop economically, saying every coordinator of an empowerment council would be assessed according to his performance.

For his part, the NEEC secretary, Beng’I Issa, said a Sh2.8 loan of 57 percent was given to women while 43 percent being given to men, clarifying that the loan was previously intended for the women but due to the men’s awareness loans were now provided to both men and women.