Africa-Press – Tanzania. ZANZIBAR youths and women were on Thursday implored to grab business financing opportunity under the 20 million US dollar (over 45bn/-) empowerment programme.
Zanzibar’s Trade and Industry Development Minister Omar Said Shaaban said here the United Arab Emirates (UAE) and the revolutionary government, were co-funding the ambitious five-year programme, whose executing agent, is the Small and Medium Industrial Development Agency (SMIDA).
“Khalifa Fund has pledged to release the fund soon. I wish to invite all youth, women and the privileged groups to make full use of the financing opportunity,” Minister Omar said.
The minister said that 60 and 40 per cent of the fund would be directed to existing and new businesses, respectively. EAE Ambassador to Tanzania Khalifa Almarzoqi yesterday met Minister of the State, President’s Office, Finance and Planning Jamal Kassim Ali and Trade Minister in Unguja to conclude the financing deal, pledging to disburse the money soon.
“We are here to confirm that the money is available and will soon be disbursed to the project implementer,” Ambassador Almarzoqi said, elaborating that the UAE was proud to be part of Zanzibar government’s efforts to empower its citizens economically.
Under the agreement, the UAE and Zanzibar governments will, each, contribute 10 million US dollars to the programme that is expected to benefit 1,874 projects in fiveyears.
The programme beneficiaries, with their percentage in brackets, are youth (35); women (35); men (25) and disadvantaged groups, especially people with disabilities (5), Minister Omar said. The minister assured the financiers of the government’s support to provide every type of cooperation to ensure the programme is a great success: “We firmly believe that successful execution of this project will open up new areas of cooperation.”He added.
Speaking at the meeting, SMIDA Executive Director Haji Abdulmajid Idrisa made sure that all preparatory works, for the project execution, were ready and, “All that has remained now is disbursement of the fund.”
The funding dates back to the 2018 visit by seventh-phase President Dr Ali Mohamed Shein to the UAE when former Finance and Planning Minister Mohammed Ramia Abdiwawa and Khalifa Fund Chairman Hussain Jasem Al Nowais signed a Memorandum of Understanding on the 10 million US deal.
The project mirrors the UAE’s commitment to actively support the government’s efforts to promote economic and social development in fraternal and friendly countries to boost economic and social stability.
Under the programme, entrepreneurs will be supported to establish their micro, small and medium enterprises to contribute to a stable and balanced economy that promotes economic development in Zanzibar.
