Dar es Salaam. CRDB Bank Foundation and the Tanzania Commission for Science and Technology (Costech) have signed a Sh2.3 billion agreement to support youth-led startups.
The funding is provided through the bank’s window called IMBEJU BUNI window, which carries a campaign that seeks to empower women and youth economically by providing them with capital and support to develop their businesses.
The agreement, signed yesterday in Dar es Salaam aims to provide access to affordable financing for innovative businesses led by youth across Tanzania, including Zanzibar.
Gracing the event, the minister for Education, Science and Technology, Prof Adolf Mkenda, termed the initiative as a step towards linking innovation and finance.
“By investing in youth startups, we are laying a foundation for a more innovative and self-reliant economy,” he said.
CRDB Bank Foundation managing director, Ms Tully Esther Mwambapa, said the funding would support over 1,000 youth with loans, financial literacy, and entrepreneurial training. “This partnership is a strategic step in empowering youth and promoting inclusive economic growth,” she said.
Under the deal, CRDB Bank will provide startup loans worth Sh2.3 billion, while Costech will offer technical support, including business training and mentorship.
The initiative will use alternative forms of collateral such as contracts, invoices, and transaction histories to ease access to finance.
Costech director general Dr Amos Nungu said the agreement builds on the ongoing Imbeju programme, launched in 2023.
“This collaboration will provide youth startups with funding, tools, and mentorship to grow and contribute to society,” he said.
A joint steering committee will be formed to oversee implementation and ensure accountability.
Since its launch, the Imbeju programme has supported over one million youth and women, disbursing more than Sh20 billion in loans.
Through its targeted windows—Imbeju Buni or youth innovators, Imbeju Ng’ara for women, Imbeju Kilimo for farmers, and Imbeju Partnership for strategic collaborations—the Foundation has delivered financing alongside training and networking support.
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The Director-General of Africa CDC, Dr. Jean Kaseya, has engaged with Tanzania’s President Samia Suluhu Hassan and the Minister of Health to ensure coordinated efforts and secure political commitment for the response.
“Africa CDC stands firmly with Tanzania in this critical moment. To support the government’s efforts, we are committing US$ 2 million to bolster immediate response measures, including deploying public health experts, strengthening diagnostics, and enhancing case management. Building on Tanzania’s commendable response during the 2023 outbreak, we are confident that swift and decisive action, combined with our support and those of other partners, will bring this outbreak under control,” Dr. Kaseya stated.
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Source: allafrica.com
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