The
government of Tanzania, through the Ministry of Information, Culture,
Youth and Sports plans to establish a Youth Bank as part of government
efforts to foster youth entrepreneurship skills and development.
The
Assistant Director of Youth Development in the Ministry of Information,
Venerose Mtenga, said this last week in Dar es Salaam during
International Volunteer Day, that the Ministry is keen on the
development of youngsters in the country.
To be known as Tanzania Youth Bank, it would be supported by shares contributed by young people countrywide.
She
said that the government will pave the way for the young across the
country to have loan access through their own financial institutions,
which will help them to pursue the small trade activities.
“This
will be a great opportunity for young people in Tanzania because it
will allow them to enter into entrepreneurship scenarios,” she said.
Mtenga
told participants that although the process of introducing it was
initiated by the CCM Youth Wing, the bank would not be owned by the
party’s young people, but by the shareholders of different cadres and
ideologies.
She
added that the establishment of the youth bank in the country will be a
stepping stone for youth who wants to be business people even at their
early age.
Among other things, the participants discussed issues pertaining to financial banking services and poverty reduction.
She
said that the bank would offer loans to individual youngsters, groups,
credit societies and sponsor training on entrepreneurship in various
activities, including agriculture and fisheries, and providing equipment
for them as well as scouting for markets for them.
Generally
the bank would dish out loans to sectors such as agriculture,
pastoralism, fisheries, entrepreneurship, arts and mining, he said.
The
bank has already been recognised by the World Youth Bank based in the
US, that it would seek financial assistance from it as soon as it
secures a licence.
For
his part, Phillipe Poinsot, Country Director, UNDP Tanzania, said that
the main of focus of the IVD 2012 is awareness and recognition for
volunteers and volunteer organizations.
“The
purpose is to recognize this commitment, to inform people about the
impact of volunteering on peace and sustainable development,” he said.
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