Hello

Your subscription is almost coming to an end. Don’t miss out on the great content on Nation.Africa

Ready to continue your informative journey with us?

Hello

Your premium access has ended, but the best of Nation.Africa is still within reach. Renew now to unlock exclusive stories and in-depth features.

Reclaim your full access. Click below to renew.

Subscribe for a month to get full access

CRDB, Costech ink Sh2.3 billion deal to support startups

The minister for Education, Science and Technology, Prof Adolf Mkenda (centre) receives  a cheque worth Sh2.3 billion from the CEO of CRDB Bank Foundation and Director of Communications at the ban, Ms TullyEsther Mwambapa, during a ceremony. Others from left, are head of emerging businesses at CRDB Bank, Mr Fadhil Bushagama, director general of Costech, Dr Amos Nungu and chairman of the Costech Commission, Prof John Kondoro. PHOTO | COURTESY

By  The Citizen Reporter

Media/news company

Mwananchi Communications Limited

What you need to know:

  • The agreement aims to provide access to affordable financing for innovative businesses led by youth across Tanzania, including Zanzibar

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.

Related

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.

In the headlines