Dar es Salaam. In efforts to uplift the welfare of women, youth and people with disabilities, the Ubungo Municipal Council will issue them with a total of Sh1.9 billion in the coming financial year.
This was revealed by Mayor Boniface Jacob yesterday.
According to him, the money will be issued as loans via CRDB Bank.
The money has been collected as part of what was meant to be garnered by the Municipal Council during the 2017/18 financial year.
It is 10 per cent of what the Ubungo Municipal Council planned to collect throughout the entire 2017/18 financial year.
This came after CRDB Bank won the deal by becoming the financial entity that came up with most efficient plan of granting the loans that will benefit the people of Ubungo.
Speaking at the agreement signing event, CRDB bank director of alternative banking channels, Mr Philip Alfred said the loans will be granted with low interest rate of 8 per cent that will be affordable to help the group develop their business and move forward in life.
“The loans will be provided at an affordable interest rate as well as favourable terms and conditions that will easily be met by an applicant,” said Mr Philip.
Ubungo Mayor, who was present at the signing event, said this is a great opportunity for the beneficiaries as it will not only boost their incomes but will also positively impact on the country’s economy.
He said “I hope that those who will benefit from this fund will use it wisely since it is a revolving fund to benefit others in the future,” insisting on time return for those who will be qualified. Furthermore he added that more than 11,000 women, 1,240 youth and 970 people with disabilities have applied for the loans and that there is still a need for youth to be enlightened since the number is less than expected.
“Up until now there are 2.0 billion qualified applicants but still there is a need for the youth to be motivated to participate since they have a great chance of bringing positive change in the community”.
(c) Mwananchi Communications 2018. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers