In a landmark move, the United Nations Development Programme (UNDP) and the CRDB Bank Foundation have solidified their collaboration through the signing of a Memorandum of Understanding (MoU). The agreement, inked by Mr. Shigeki Komatsubara, the resident representative for the UNDP in Tanzania, and Ms. Tully Esther Mwambapa, the managing director for the CRDB Bank Foundation, establishes a framework for cooperation in the realms of youth and women's empowerment.
The MoU extends its reach to encompass critical areas such as sustainable finance adoption, startup growth, innovation ecosystem support, joint resource mobilization for impactful programs, and specialized expertise exchange. With the small and medium-sized enterprises (SMEs) sector contributing a substantial 27 percent to Tanzania's Gross Domestic Product (GDP), of which over half are women-owned, this collaboration sets the stage for a comprehensive partnership.
The primary focus of the inaugural initiative under this MoU is to empower women-led Tanzanian micro, small, and medium-sized enterprises (MSMEs) to harness the opportunities presented by the African Continental Free Trade Area (AfCFTA).
During the signing ceremony in Dar es Salaam, Ms. Mwambapa underscored the pivotal role MSMEs play in the Tanzanian economy. She emphasized that the economic backbone of Tanzania lies in MSMEs, employing over five million people, including underprivileged youth and women. Ms. Mwambapa highlighted the CRDB Bank Foundation's Imbeju program, designed to empower youth and women through financial training and seed capital. She revealed that the Imbeju program has already trained over 100,000 individuals and disbursed Sh5 billion in seed capital since its inception last year.
This partnership with UNDP aligns with the CRDB Bank Foundation's commitment to the Sustainable Development Goals, with a particular focus on ending poverty, ensuring gender equality, and promoting full and productive employment for all.
Mr. Komatsubara, representing UNDP, emphasized the core values and commitments that the organization stands for. "UNDP is dedicated to advancing sustainable development through wealth creation, building resilient communities, and promoting good governance," he stated. "Today's MoU reflects our collective commitment to translating these ideals into tangible outcomes."
Mr. Komatsubara highlighted the significance of collaboration in pursuing common objectives, stating, "As we embark on this collaborative journey, let us not underestimate the power we hold to create a legacy of positive change. Partnerships that extend beyond organizational boundaries and embody collective responsibility play a vital role in building a future that is equitable, sustainable, and prosperous for all."
The partnership between the CRDB Bank Foundation and UNDP marks a significant stride towards unlocking the full potential of Tanzanian MSMEs, with a specific focus on investing in women and youth. This collaborative effort aims to create a lasting impact on the Tanzanian economy and contribute to the achievement of broader sustainable development goals.