Source: Daily News
The Tanzania Women Bank (TWB) has signed a contract with Kishen Enterprises Limited, in a deal that seeks to empower and create employment to the youth across the country.

The deal, which the TWB Managing Director, Ms Margret Chacha, and Kishen Enterprises Limited Chief Executive Officer, Mr Rajan Solanki, inked in Dar es Salaam, will support government efforts to create more jobs and lift masses from abject poverty.

"The project comes as part of the solution to the findings of the study commissioned by the Bank across the country that established the difficulties which most youth encounter in accessing finance from the lending institutions for engaging on income generating activities," she said.

Furthermore, Ms Chacha noted that the project will provide the much needed incentives to the youth in the country not to rush to urban areas rather remain in the rural and engage in various income generating activities.

Ms Chacha said the project will focus on financing youth associations by purchasing the two and three wheel motorcycles to be provided on loan basis to groups or individuals who will then be paying to the bank on agreed conditions.

She said the bank will pay 70 per cent of the cost of the motorcycles and the customers 30 per cent at the time of purchasing. The bank will pay cash directly to Kishen Enterprises Ltd for the release of the motorcycles to be given to the youth associations across the country on loan basis.

Apart from generating income to majority of unemployed youth in the rural areas, Ms Chacha added that the motorcycles in particular the three wheels, will help in ferrying agricultural products from the farming areas to market places.

In this sense, the project will provide farmers the missed opportunity to access markets while the agriculture products were still fresh to fetch premium returns.

The Kishen Enterprises Ltd Chief Executive Officer, Mr Solanki, said the TWB project will provide solution to most unemployed youth in the country who have been failing to access loans for purchasing the motorcycles for income generation.

• Tanzania