The EU-backed UNDP’s FUNGUO Innovation Programme and the CRDB Bank Foundation’s IMBEJU program have joined forces to support Tanzanian startups and innovative SMEs. The collaboration aims to explore ways to boost financing for these ventures by combining financial instruments offered by both programs.
FUNGUO, with support from the European Union and the British Government, has been providing catalytic funding to impact-driven ventures in Tanzania. Since its inception, it has invested over 3.8 billion Tanzanian shillings in 43 startups and SMEs, creating over 4000 jobs. The program’s mission is to increase the number of successfully scaled innovation ventures that contribute to the Sustainable Development Goals.
IMBEJU offers a unique sustainability funding approach that includes capacity building, financial literacy, and entrepreneurship skills development. Through its revolving grants, it provides financial support and equips youth, women entrepreneurs, and special groups with the necessary tools to transform their business ideas into thriving ventures.
The partnership between FUNGUO and IMBEJU will combine their strengths to provide comprehensive support to Tanzanian startups and innovative SMEs, empowering them to scale their businesses and contribute to the country’s economic development.
Source: IPP Media
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