Tanzania mobilises €7 million to set up youth bank

Feb 06, 2013

The government of Tanzania is to mobilise Sh15 billion (€6.8 million) as startup capital to establish a youth development bank by June this year, it has been announced.

The government of Tanzania is to mobilise Sh15 billion (€6.8 million) as startup capital to establish a youth development bank by June this year, it has been announced.

The Minister for Information, Youths, Culture and Sports Dr Fenella Mukangara said on Monday (February 4th) that plans are at an advanced stage to establish the bank, Tanzania Daily News reports.

The new institution will assist youths in the country, secure loans and engage in agricultural and agroprocessing activities as a way of creating jobs.

The minister added that several stakeholders have already been contacted and that the government has decided where the headquarters of the bank would be, although he didn't reveal the location.

Unemployment, especially among the youth, poses a great challenge to the government. A labour force survey, published by The Citizen, recently indicated that the youth accounted for 33 per cent of the entire unemployed population.ADNFCR-2976-ID-801535860-ADNFCR