Economic Empowerment Initiatives in Tanzania

[su_dropcap style=”flat” size=”5″]D[/su_dropcap]r. Doto Biteko has encouraged women in Tanzania to utilise the economic empowerment funds that are available to them. Additionally, he has urged the Bank to persist in its service to Tanzanians. Moreover, Dr. Doto Biteko has published a guide for the coordination and management of funds and empowerment programmes.

Statement Release

In a statement released today, 14 September 2024, Dr. Biteko articulated his perspectives while nourishing the Prime Minister of the United Republic of Tanzania, Kassim Majaliwa, at the Seventh Exhibition of Bags and Empowerment Programs for the Year 2024.

Encouragement for Women

“It is recommended that women avail themselves of the opportunity provided by the Government of the Citizens’ Economic Empowerment Funds to borrow and benefit from these loans.”

Furthermore, Dr. Biteko encouraged all banking institutions in Tanzania to extend credit to women, emphasising that the benefits of these loans should be experienced by the entire family.

Financial Institutions and Lending

Dr. Doto Biteko has observed that the Her Excellency President Dr. Samia Suluhu Hassan has urged financial institutions to expand their lending activities, citing the Agricultural Development Bank (TADB) as a case in point. In 2020, TADB provided 63 billion shillings in loans, and by August 2024, this figure had reached 337 billion shillings.

Loan Distribution Statistics

Furthermore, he has supplied data regarding the disbursement of loans from TADB Bank, which indicates that:

58.1% have been granted to men
19% to young people
22.4% to women

He has also highlighted the need for banks in the country to maintain their commitment to increasing the level of loans granted to women.

Trust and Loan Terms

“It is imperative that banks maintain their commitment to fostering trust among Tanzanians, continue to offer them loans, and streamline the terms of those loans. Nevertheless, those with the capacity to repay should be offered loans to enable them to engage in productive activities.”

He placed particular emphasis on Dr. Doto Biteko‘s contributions.

Guide for Empowerment Funds

Moreover, Dr. Doto Biteko has published a guide for the coordination and management of empowerment funds and programmes. This guide is designed to serve as a tool to enhance the performance of such funds and programmes, with the objective of overcoming existing challenges, particularly those associated with bad loans. This is with a view to achieving the intended goals of promoting economic growth and reducing poverty in society.

Local Government Elections in Mainland Tanzania

The forthcoming Local Government Elections in mainland Tanzania, scheduled to take place on 27 November 2024, will be the subject of our discussion. It is recommended that citizens of Singida and all Tanzanians select their leaders based on personal qualities, rather than on the basis of religion, financial status, or ethnicity.

Encouragement for Citizen Participation

“Your involvement in the local government elections will allow you to identify local government leaders who will drive economic growth and oversee the effective management of projects, funds and empowerment programmes in your areas.” Dr. Doto Biteko stated.

Impact of Empowerment and Education Programmes

In his remarks, the Minister of Finance, Hon. Dr. Mwigulu Nchemba, noted that the empowerment and education programme implemented in the Singida region has had a significant impact on numerous mothers, with the potential to transform the lives of the region’s inhabitants.

“The goal of irrigation scheme programmes is to reduce poverty on an individual basis. The economic empowerment of people in our region has brought about significant changes.” stated Dr. Nchemba.

Government Initiatives for Economic Empowerment

In a recent statement, Mrs. Ben’g Issa, the Executive Secretary of the Economic Empowerment Council, confirmed that the government has been implementing a series of initiatives with the objective of enhancing the economic empowerment of citizens. These initiatives include the formulation of policies designed to foster the growth of small businesses.

Challenges Faced by Small Businesses

In order to facilitate economic empowerment and provide subsidies in various sectors, the government has established funds and programmes. Nevertheless, despite these initiatives, small businesses still face challenges in accessing loans.

“The government has been holding exhibitions of bags and empowerment programmes with the objective of raising awareness among citizens and demonstrating the potential for these bags to transform their lives. Furthermore, economic empowerment centres have been established in all regions of mainland Tanzania.” Mrs. Issa noted.

Government Initiatives and Challenges

Acknowledgment of Presidential Support

Furthermore, he expressed gratitude to President Samia for her provision of financial resources, which have been instrumental in bolstering the programme’s capacity to fortify the economy. This initiative, spearheaded by Mama Samia, is designed to guarantee that all citizens are presented with the opportunity to engage in economic activities and increase their income.

Tanzania Media