DFID whittles down entrants in contest to receive financial support
A competition to support growth within the Tanzanian agricultural sector will see enterprises receive grants and loans to increase their investment in the country.A competition to support business growth in Tanzania will see enterprises receive grants and loans to develop solutions in two sectors.
The Africa Enterprise Challenge Fund is running contests to promote business innovation called the agribusiness window and the renewable energy and adaptation to climate change window.
Up to 19 enterprises operating in either the agriculture or renewable energy and climate change sectors will be chosen to receive $12 million (€8.8 million) in loans and grants to encourage them to find new ways to reach Tanzania's rural poor population.
Several different areas, such as seed and fertiliser projects, agricultural transport logistics, outgrower schemes for smallholders and microfinance for access to renewable energy, are covered by those entering the competition.
A total of 224 firms put themselves forward for the agricultural category of the contest and now the most promising 44 have been asked to submit more detailed business plans.
The best of these will receive between $100,000 and $1.5 million to support their ambitions with funding coming from the UK Department for International Development (DFID).
Agriculture currently accounts for around half of Tanzania's national income and employs around 80 percent of the population.