Summary
The government has allocated 2trn/- to support innovative young entrepreneurs, with simplified eligibility criteria allowing individuals with promising business ideas to apply for funding directly.
MTWARA: MORE than 720,000 young Tanzanians have benefited from loans exceeding 20bn/- issued by CRDB Bank since 2023, according the bank’s Southern Zone Business Manager, Mr. Emmanuel Baganio.
Speaking during a handover ceremony of tricycles worth 140m/- to youth in the transport sector in Mtwara Region, Mr. Baganio expressed that the funds were channeled through the CRDB Foundation Wing to provide startup capital for youth-led enterprises.
“The government, through the Ministry of State in the President’s Office for Youth Development, has partnered with CRDB to facilitate these loans. Today’s disbursement is part of that ongoing collaboration,” he explained.
Also present at the event was the Minister of State in the President’s Office for Youth Development, Dr. Joel Nanauke, who encouraged young entrepreneurs with viable business plans to take advantage of the government’s soft loan initiative administered by CRDB.
Dr. Nanauke insisted that loan conditions have been relaxed to broaden access, enabling more youth to participate in productive economic activities rather than depending on irregular, low-income ventures.
“My call to the youth in Mtwara and across Tanzania is to actively pursue opportunities that elevate their role in business and economic growth,” he stated.
The minister further revealed that the government has allocated 2trn/- to support innovative young entrepreneurs, with simplified eligibility criteria allowing individuals with promising business ideas to apply for funding directly.
“We have removed stringent requirements so that any young person with an innovative idea can access these loans individually,” Dr. Nanauke added.
Mtwara Regional Commissioner (RC) Colonel Donald Msengi praised the initiative, urging the government to continue supporting youth empowerment programs that stimulate local economic development.
He also encouraged young people to develop creative business concepts and utilize the soft loans to improve their livelihoods.
About CRDB
CRDB Bank Plc is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator. As of September 2022, CRDB Bank was the largest commercial bank in Tanzania.
