In a significant move towards fostering youth entrepreneurship, CRDB Bank Foundation has allocated TZS 236 million as enabling capital to six Small and Medium Enterprises (SMEs). This initiative is part of the foundation's broader efforts to empower young entrepreneurs and contribute to economic development.
Implemented through the Imbeju program, the foundation has successfully disbursed loans totaling TZS 5.0 billion to over 100,000 entrepreneurs by the end of December last year. Tully Esther Mwambapa, the Managing Director of CRDB Bank Foundation, announced a leadership training program attended by more than 200 group leaders and development officers at the bank's headquarters over the weekend.
While highlighting the provision of enabling capital, Mwambapa emphasized that the foundation is actively engaged in conducting feasibility studies for youth businesses, providing training, and creating opportunities for business development both locally and internationally. The training program aimed to create a conducive business environment for SMEs and equip participants with the skills needed to manage their groups effectively, ultimately fostering their transformation into sustainable companies.
Notably, the foundation, by December of the previous year, sponsored five startups—Planning App, Hire Me, Pay for Sure, Simply Tech, and Settlo—to participate in the African Young Business Conference held in Algeria. This initiative was part of the foundation's commitment to supporting young entrepreneurs on the global stage.
Looking ahead, Mwambapa announced plans to open an application window for young businesses, encouraging aspiring entrepreneurs to seize this opportunity for financial support.
CRDB Bank Foundation Chairman, Mr. Martin Warioba, urged group leaders to act as ambassadors and implement the training received to enhance efficiency. He assured that the foundation would continue formulating and managing policies to facilitate the empowerment of women and youth, thereby promoting economic inclusion and societal prosperity.
In a noteworthy development from the previous week, Imbeju inked a five-year agreement with the United Nations Development Organisation (UNDP). This collaboration is set to cover various areas, with the initial focus on empowering youths and women as part of the foundation's commitment to broader societal development.