Tanzania has launched five youth investment initiatives to support factory ownership, industrial land access, and advisory services for young entrepreneurs. The Government also plans a national credit guarantee company to expand financing for micro, small, and medium enterprises, aiming to create 8 million jobs and attract USD 50 billion in investment by 2030.
On the same day, the Minister of State, President’s Office, Planning and Investment, Prof. Kitila Mkumbo, announced that the Government is introducing five youth-focused investment initiatives to strengthen industrial participation and enable young entrepreneurs to establish factories and grow businesses. Governor Tutuba said the new credit guarantee company will help small and medium enterprises access financing and grow economically.
He noted that credit guarantee services are widely used internationally, citing Malaysia, where such a company has operated successfully for more than 50 years. The initiative is expected to stimulate SME business expansion, increase employment, broaden the government’s tax base, and strengthen economic resilience by boosting production in multiple sectors. It is also expected to support the development of new investment areas and enhance the country’s competitiveness in the modern economy. The Chairman of the Tanzania Bankers Association (TBA) and Managing Director of NBC Bank, Theobald Nsabi, said commercial banks are ready to collaborate with the Government to establish the company and continue supporting the financial sector.
Read more at: https://www.tanzaniainvest.com/economy/youth-investment-initiatives-credit-guarantee
