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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