The fund provides loans to entrepreneurs
The fund provides loans to entrepreneurs
AND OUR AUTHOR
” The FUTURE is full of joy and grace . ” This is what the President of Zanzibar and Chairman of the Revolutionary Council, Dr. Hussein Ali Mwinyi, during the campaign for the position of President through the Revolutionary Party in 2020.
During the general election campaigns, Dr. Mwinyi made many promises until now, some of which he has already fulfilled, some of which he is fulfilling and some of which he continues to fulfill.
Among the things he implements is providing interest-free loans that are available through the economic empowerment fund under the Ministry of State, Office of the President, Economic Affairs and Investment.
Loans provided by the Empowerment Fund, are based on the loan funds from the International Monetary Fund (IMF) taken by the government for relief from the effects of the disease 19.
Dr. Mwinyi believes that if part of the money is given to entrepreneurs, the economy will revive and the circulation of money will be great among the people.
The Director of the Citizens’ Economic Empowerment Fund, Suleiman Ali Judge, told this newspaper that until July 16, 2022, the loan application forms received are 1,453 for Unguja and Pemba.
He says that among those forms, 1,303 forms after being reviewed and found to have met the criteria have been sent to the CRDB bank to issue loans and 464 forms are still being reviewed.
He informs that 489 groups of entrepreneurs have been lent, 180 in Unguja and 309 in Pemba.
The director says an amount of 4 billion shillings, 209,436,630 has been allocated for lending to the entrepreneurs of Unguja and Pemba.
He encouraged the citizens who took the loans to strive to use them for their intended goals and to make sure they pay on time so that the money circulates and reaches others.
In the same way, he wants big entrepreneurs to take loans because one person can borrow if he pledges real estate and is not charged interest.
Entrepreneurs, including farmers, traders and fishermen, who have received loans, praised the government for providing them with loans and a plan to build them safe places with a good environment to run their activities.
The mothers who are engaged in the seaweed project and the fishermen said that they are relieved to be given boats that will take them to deep water for fishing activities.