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The Tanzanian parliament on Monday (February 4th) passed a resolution to form a new government programme that will provide loans to youths under 35 who are interested in starting agricultural businesses.
Students attend a lesson at a research nursery in Bukoba, Tanzania on October 16, 2012. A new government programme will help youths like these start agricultural businesses.
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Nzega parliamentarian Hamisi Kigwangalla, who introduced the legislation in parliament, said the Youth Fund will be an important means to curb the problem of youth unemployment in the country.
Under the new legislation, 200 billion shillings ($24 million) will be earmarked annually from the national budget starting in the next fiscal year, which begins in July.
Results from the 2012 population and housing census showed that there are 44,929,002 people in Tanzania, with 63% of the population below the age of 30. Kigwangalla said most of those youths are faced with few job opportunities and this programme will help open up their career prospects and help the country meet existing agricultural demands.
"Banks have stringent requirement for accessing loans, especially youths who have no collaterals," he told Sabahi. "Youths, whether individually or in groups, will have access to loans from now on".
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The Tanzanian parliament on Monday (February 4th) passed a resolution to form a new government programme that will provide loans to youths under 35 who are interested in starting agricultural businesses.
Students attend a lesson at a research nursery in Bukoba, Tanzania on October 16, 2012. A new government programme will help youths like these start agricultural businesses.
Tanzania set to revive National Service programme Foreign currency, energy shortages destabilising Tanzanian shilling Tanzanian lawmakers call for enforcement of retirement age Shippers hail Tanzania's tarmac road upgrades
Nzega parliamentarian Hamisi Kigwangalla, who introduced the legislation in parliament, said the Youth Fund will be an important means to curb the problem of youth unemployment in the country.
Under the new legislation, 200 billion shillings ($24 million) will be earmarked annually from the national budget starting in the next fiscal year, which begins in July.
Results from the 2012 population and housing census showed that there are 44,929,002 people in Tanzania, with 63% of the population below the age of 30. Kigwangalla said most of those youths are faced with few job opportunities and this programme will help open up their career prospects and help the country meet existing agricultural demands.
"Banks have stringent requirement for accessing loans, especially youths who have no collaterals," he told Sabahi. "Youths, whether individually or in groups, will have access to loans from now on".
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