New strategy for empowering youth in final touches

THE government is in the final touches to come up with the National Small and Medium Entrepreneurs Financing Strategy to facilitate youth to access loans and capital from the banks and other financial institutions.

Deputy Minister for Finance and Planning, Mr Ahmad Chande, said the government is charting out the best modalities to empower the youth financially and economically to undertake self-employment projects.

He said in implementing the young entrepreneurs empowerment programme, the government plans to come up with a financial facility which will oversee the loans issuance and management for special groups including youth, women, machinga and persons with disabilities.

The deputy minister made the statement in the National Assembly yesterday when responding to a basic question by Ms Lucy Sabu (Special Seats-CCM) who wanted to know plans the government has to set up a young entrepreneurs bank.

He said the plans to come up with the bank to empower the youth economically were ongoing at the permanent secretary levels and the public will be informed in a due time on the government’s decision.

Last year, the government for the first time in seven years, released money for the Youth Development Fund for the major objective of empowering the young population to create their own employment opportunities.

Minister in the Prime Minister’s Office – Parliament, Policy and Coordination, Ms Jenista Mhagama, said Ibn/- was released for issuance of loans to youth.

She explained that the Third Five Year Development Plan has also emphasized on the role of the government to empower the youth economically through provision of loans that will be disbursed based on the guidelines which will facilitate access of the loans to the targeted beneficiaries.

Ms Mhagama cited an agri- based firm – JATU which has performed well in its operations through government’s support and qualified to be registered at the Dar es Salaam Stock Exchange.

The company engages in agriculture, industries and markets, with its vision to become a leading public company in producing quality products and good services within and beyond the country, and to create employment opportunities for Tanzanians.

The National Assembly adopted a resolution on February 4, 2013 to start the Youth Development Fund as a means to curb the problem of youth unemployment in the country and empower the young population to create their own employment opportunities.