Africa-Press – Tanzania. THE Funguo Innovation Project has announced two opportunities for entrepreneurs and sustainable businesses where an amount of more than 2.5bn/- will be provided with the aim of unlocking the potential of entrepreneurs and stimulating sustainable growth in various sectors in the country.
The strategic innovation project is funded by the European Union (EU), the Republic of Finland, and the Government of the United Kingdom (FCDO), and implemented by the United Nations Development Programme (UNDP Tanzania).
Speaking to journalists, the Head of the European Union’s Department of Economic and Governance in Tanzania, Karina Dzialowska, said the EU’s mission is to promote inclusive growth and innovation for Tanzanians.
“This project started as a pilot four years ago, it has now become a mainstay of the Tanzanian system. Funguo has become an important platform to promote young businesses with technical support and financing that helps them grow and access wider financial opportunities,” she said.
She added, “I am especially calling on young women with dreams and ambitions. We aim for at least 40 percent of these grants to go to women, but this will only happen if you submit your applications.”
For his part, the Development Cooperation Coordinator of the Embassy of Finland in Tanzania, William Nambiza, said that through Green Catalyst and its partnership through the Forest Conservation, Land Use and Value-Adding (FORLAND) project, they are focused on generating friendly jobs by preserving the environment, protecting resources, and promoting local innovation in the forest value chain.
He emphasized Finland’s support for small and micro businesses and said they want to stimulate the growth of innovative businesses in the forest value chain, and called on more entrepreneurs to submit applications and seize this opportunity through the #GreenCatalyst program.”
UNDP Tanzania Deputy Resident Representative, John Rutere, has described the importance of these opportunities, saying that it is a journey to build a generation of businesses that solve real challenges and bring about sustainable change.
He commended the success of the project, where more than 5,000 jobs have been created and more than 15bn/- in additional financing have been raised, following an investment of 5.2bn/- in 61 start-ups.
“This opportunity targets entrepreneurs who create products or services such as modern carpentry, bamboo products, environmentally friendly packaging, alternative charcoal, forest-friendly agriculture, eco-tourism, and digital forest services.
He added, “Priority is being given to businesses that are already established or are related to Iringa, Njombe, Ruvuma, and Lindi regions, with a focus on youth, women, and people with disabilities.”
He said selected businesses will receive funding ranging from 10m/- to 100m/-, along with technical assistance, business development, market access, digital tools, and training in climate-sensitive innovation.
“Selected businesses will receive non-equity financing, investment readiness support, mentoring opportunities, and increased visibility within the Tanzanian innovation ecosystem.”
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