CRDB, COSTECH sign 2.3bn/- deal to support youth startups

e Minister for Education, Science and Technology, Professor Adolf Mkenda

DAR ES SALAAM: CRDB Bank Foundation and the Tanzania Commission for Science and Technology (COSTECH) have signed a 2.3bn/- partnership agreement to support youth-led startups.

The agreement will facilitate access to affordable financing for innovative youth-led businesses across Tanzania, including Zanzibar, under the IMBEJU BUNI window of the CRDB Bank Foundation.

The Minister for Education, Science and Technology, Professor Adolf Mkenda, said yesterday in Dar es Salaam during the event, that the partnership is a practical example of the government’s efforts to bridge the gap between innovation and financing.

“By investing in youth startups, we are laying a foundation for a more innovative and selfsustaining economy,” the Minister said.

The agreement outlines a joint plan where CRDB will issue youth startup loans, while COSTECH will provide technical support and collaborate on business bootcamps and monitoring.

CRDB Bank Foundation, Managing Director Tully Esther Mwambapa said the partnership marks a strategic milestone in promoting inclusive economic development.

“CRDB Bank, through its Foundation, remains committed to empowering youth and women as key drivers of economic growth.

With this agreement, we aim to support over 1,000 youth across the country with accessible financing, financial literacy and entrepreneurial training to help build sustainable businesses,” she said.

Innovative forms of collateral, such as contracts, invoices and borrowing history, will be accepted to ease access to finance.

COSTECH Director General Dr Amos Nungu said the partnership is a continuation of the journey started in 2023 with the IMBEJU programme.

“It will provide the right tools, mentorship and funding for youth startups to scale and make a meaningful impact in society,” Dr Nungu said.

A joint steering committee will be established to oversee implementation, monitoring and evaluation of the initiative to ensure transparency and accountability.