IN ongoing efforts to promote innovations among young people, Zanzibar has launched the ‘Blue Economy Innovation Challenge (BEIC), targeting innovative businesses.
According to Dr Said Khamis from ‘Cube Institution in Zanzibar, under this first BEIC, eligible businesses must first meet the basic criteria such as using innovation to address existing gap; business being beyond idea stage; piloted in Zanzibar and ready for scaling; demonstrate technical and financial viability in the long run; and contribute to the Sustainable Development Goals (SDGs).
UNDP, and UNICEF through the ‘Waste X Lab project’ in collaboration with the government through its Ministry of Blue Economy and Fisheries; State University of Zanzibar (SUZA), Zanzibar Micro, Small and Medium Industrial Development Agency (SMIDA) and the Karume Institute of Science and Technology (KIST) jointly launched the challenge project at the SUZA grounds, Tunguu.
With an amount of up to 10,000 US dollars to be awarded to the winners, the government in collaboration with partners invites an innovation challenge approach to map existing solutions in the solid waste innovation ecosystem and serve as a ladder for further innovations.
Dr Khamis said the approach is congruent with the government of Zanzibar Vision 2050, which highlights the importance of boosting innovation and climate resilience planning.
On his part SMIDA Director Mr Soud Said Ali explained further that the Ministry of Blue Economy in Zanzibar has highlighted the priority of institutional capacity building for waste management and combating land-based sources of marine pollution, marine litter, and micro plastics, as one of its main priorities.
The ‘challenge project’ targets recycling and upcycling businesses that employ technologies in mechanical engineering, digital technology (Artificial Intelligence, Blockchain/Augmented Reality) and mobile apps, with a special focus on youth and women entrepreneurs together with start-ups.
“Innovative entrepreneurs are required to submit their innovative businesses that have either emerged or proved more relevant to waste management,” he said in his speech adding
Eligible businesses will also take part in one week-long investor readiness programme and be part of a pipeline for future potential support by UNDP and other development partners.
They will also be availed with a chance to win a cash award of up to 5,000 US dollars for the first winner, 3000 US dollars for the second winner and 2000 US dollars for the third winner to invest in the winning business.
SUZA Vice-Chancellor, Prof Mohamed Makame Haji said solid waste management is a cross-cutting issue.
“The success of this initiative clearly demonstrates that we have responded to the President Hussein Mwinyi’s directive, to recycle solid waste and also produce commodities out of it, a move to create jobs, while keeping the environment clean,” he said.
Mr Peter Nyanda, Team Lead, Accelerator Labs, UNDP Tanzania had this to share, “Circular economy and blue economy are two sides of the same coin, and thus embedding technology in waste management will indeed help to accelerate efforts towards reducing land-based sources of marine litter and microplastics, and eventually improve life under waste and the marine biodiversity at large.”
Source: allafrica.com
Share this news
This Year’s Most Read News Stories
Zanzibar Airports Authority enforces Dnata monopoly
. Airlines that have not joined the Zanzibar Airports Authority’s (ZAA) preferred ground handler, Dnata, at the Abeid Amani Karume International Airport (AAKIA) face eviction from the Terminal Three building Dnata is the sole ground handler authorised to provide services for flights that operate at Terminal 3.Continue Reading
Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
US taps Tanzania for infrastructure plan in battle with China for minerals
Washington wants to tap into the country’s minerals, particularly its nickel mines.Continue Reading