Source: Tanzania Daily News
THE Tanzania Women Bank (TWB) is currently in talks with the Dar es Salaam Stock Exchange (DSE) over the possibility to raise money through the capital market. This is to be done through a facility called Growth Enterprise Market to ensure the bank is more firmly entrenched countrywide. Growth Enterprise Market is a stock market set up by the Stock Exchange for growth companies that do not fulfil the certain requirements such as profitability and an impressive track record.

Winding up debate on the budget for the Ministry of Community Development, Gender and Children on Friday evening, the Minister Ms Sophia Simba told the House that in order for the bank to grow it needs to do so as to increase capital and expand its reach to more women especially in rural parts of the country.

It is widely understood that Tanzania is the first African country to open an all-women's bank to support women's economic activities and viewed as a gender specific bank being a milestone for women on a continent where many cannot access banking services, despite their enormous contribution to economic development.

The minister's response followed a heated debate from the House over the 2bn/- the ministry allocated to the bank yet, according to legislators, the institution is based in Dar es Salaam keeping rural women from accessing its credit.

Followed by 10 MPs in support, Lydiana Mgo'ngo (Special Seats - CCM Ruvuma) ignited the debate, noting that the Ministry should clearly show how women will access the Women's Funds since Tanzania Women Bank is focusing women in Dar es Salaam neglecting rural women.

She had objected to the passing of the clause on the funds, occasioning response from Minister for East Africa Cooperation, Mr Samuel Sitta who was representing the Prime Minister, told the House that they would put into consideration the allocation of money for the Women's Fund, but they would not tamper with the budget for the Tanzania Women's Bank since its budget had already been passed by the bank's official meetings.

Ms Simba said that if DSE allows Tanzania Women's Bank to issue shares under the GEM, facility, it would operate on the philosophy of "buyers beware" and "let the market decide" based on a strong disclosure regime.

"In such a case, the bank will grow to reach more rural women," she told the House Some MPs had earlier almost objected to some clauses over lack of clarity on how rural women would access the Women's Fund.

The House eventually endorsed the ministry's budget estimates for 2013/2014, of 23.9 bn/- , where a total of 14bn/- was allocated for recurrent expenditure, 8.6bn/- for paying salaries, 5.3bn/- for other votes and 9.9bn/- for various ministry development projects.

And 5.4bn/- was expected from donors support while 4.5bn/- would be generated from local sources. The bank targets mainly women who have inadequate capital to grow their businesses.

Some MPs had called for formation of a gender commission, prompting Deputy Minister of Community Development, Gender and Children Ms Ummy Mwalimu Ummy to note that while it was a good idea already taken up by some countries, it was ideal for the country to settle for the existing Human Rights Commission.

Following complaints from some legislators that some Non- Governmental Organisations (NGOs) are financially mismanaged and engaging in political mobilisation, Ms Simba said her ministry has prepared guidelines for them to submit their annual reports , report on income, how it is used.

"If we see any NGO pushing for political agenda, people should inform government," she said. She called on all mothers across the country to desist from engaging in violence. She asked them to look out for economic opportunities and not wait anyone to influence them.

The minister thanked Global Partnership for education or supporting them with 4bn/- allocated for colleges. Kigoma North MP Zitto Kabwe also raised concern that the budget was not clear on how it should develop community sports fields, especially in this era where some private people had taken up some for their personal development.

• Tanzania