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

UNDP, CRDB Bank Foundation join forces to empower MSMEs

The managing director for CRDB Bank Foundation, Ms Tully Esther Mwambapa (left) and the resident representative for the United Nation’s Development Programme (UNDP) in Tanzania, Mr Shigeki Komatsubara display documents shortly after signing a Memorandum of Understanding in Dar es Salaam yesterday. PHOTO | THE CITIZEN CORRESPONDENT

By  The Citizen Reporter

Media/news company

Mwananchi Communications Limited

What you need to know:

  • The inaugural initiative under this agreement focuses on women-led Tanzanian Micro, Small, and Medium-sized Enterprises to leverage the opportunities in the AfCFTA

Dar es Salaam. The United Nations Development Programme (UNDP) and the CRDB Bank Foundation have formalised a Memorandum of Understanding (MoU) that will see them cooperating in areas of youth and women’s empowerment.

The MoU, signed by the resident representative for the UNDP in Tanzania, Mr Shigeki Komatsubara and the managing director for the CRDB Bank Foundation, Ms Tully Esther Mwambapa, will also cover areas of sustainable finance adoption, startup growth and innovation ecosystem support, joint resource mobilisation for impactful programmes, and specialised expertise exchange.

With over three million SMEs contributing 27 percent to Tanzania’s Gross Domestic Product (GDP), including over half that are women-owned, the MOU paves the way for a comprehensive collaboration.

Also Read

The inaugural initiative under this agreement focuses on empowering women-led Tanzanian micro, small, and medium-sized enterprises (MSMEs) to leverage the opportunities presented by the African Continental Free Trade Area (AfCFTA).

Speaking during the event yesterday, Ms Mwambapa emphasised the pivotal role MSMEs play in the Tanzanian economy.

She said Tanzania’s economic backbone lies in MSMEs, which employ over five million people, including underprivileged youth and women.

“Recognising this, the CRDB Bank Foundation developed the Imbeju programme to empower youth and women through financial training and seed capital. Partnering with UNDP signifies a crucial step towards transforming entrepreneurs’ lives in the new year,” she said, adding that so far, the Imbeju programme has trained over 100,000 individuals and disbursed Sh5 billion in seed capital since its inception last year.

The partnership with UNDP aligns with the Foundation’s commitment to the Sustainable Development Goals, with a focus on ending poverty, ensuring gender equality, and ensuring full and productive employment for all.

Mr Komatsubara emphasised the core values and commitments that UNDP represents. “UNDP is dedicated to advancing sustainable development through wealth creation, building resilient communities, and promoting good governance.

These principles form the foundation of our actions, and today’s MoU reflects our collective commitment to translating these ideals into tangible outcomes.”

With an inspiring perspective, he underscored the significance of collaboration in pursuing common objectives, stating, “As we embark on this collaborative journey, let us not underestimate the power we hold to create a legacy of positive change. Partnerships that extend beyond organisational boundaries and embody collective responsibility play a vital role in building a future that is equitable, sustainable, and prosperous for all.”

The CRDB Bank Foundation and UNDP partnership represents a significant stride towards unlocking the full potential of Tanzanian MSMEs, investing in women and youth.

In the headlines