Stanbic Bank, NEEC sign deal to boost SMEs growth
NEEC Executive Secretary Beng’i Issa and Stanbic Bank Chief Executive Kevin Wingfield exchange documents in Dar es Salaam at the weekend. Witnessing the event (third left) is Deputy Minister for Livestock and Fisheries, Mr Abdallah Ulega, while others in the photo are Stanbic Bank employees. PHOTO | COURTESY
What you need to know:
- Under the terms of the MoU, the two parties will jointly contribute to the implementation of a capacity-building program named the ‘Supplier Development Program’
Dar es Salaam. Stanbic Bank Tanzania and the National Economic Empowerment Council (NEEC) have entered into a long-term partnership that will see them collaborating to develop the entrepreneurial ecosystem in the country.
Stanbic Bank’s chief executive Kevin Wingfield and NEEC Executive Secretary Beng’i Issa signed a Memorandum of Understanding (MoU) on behalf of their respective organisation that will see them working together in issuance of through capacity-building and business support services to Small and Medium Enterprises (SMEs).
The partnership signing event, which was graced by the Deputy Minister for Livestock and Fisheries Development, Mr Abdallah Ulega, will seek to leverage both institutions’ knowledge, expertise, technology, and resources, to enable local SMEs to exploit the country’s investment opportunities and increase their regional/ global competitiveness.
Under the terms of the MoU, the two parties will jointly contribute to the implementation of a capacity-building program named the ‘Supplier Development Program’. The program will see SMEs enjoy a bouquet of opportunities to upskill their businesses and leverage the opportunities within key strategic projects being undertaken in the region such as; the East African Crude oil Pipeline (Eacop) project, and other sectors in construction, Agribusiness and Fisheries among others.
The program leverages other successful programs in the Standard Bank Group in other countries like the Business Incubator in Uganda and Mozambique.
In his remarks, Mr Ulega said the training is what Tanzanian SMEs need to become assertive and participate in competitive tenders.
And, Mr Wingfield said Stanbic attaches great importance to the development of the SME sector. “The training will enable Tanzanian entrepreneurs to build and increase their capacity to enter the competitive market and take advantage of the opportunities available in large strategic projects in the country…,” he said.
According to Ms Issa, the collaboration will provide an opportunity to gain skills in; Leadership, Finance & Accounts, Taxes, Laws, Contracts, Marketing and Procurement. The training aims to cover seven regions but will begin in Dar es Salaam where 50 participants will be trained for three months.
