Mwalimu Nyerere Foundation (MNF) has officially inked a 3 million US dollar Endowment Fund Establishment agreement with Greyhorse Clearinghouse Limited.
The Cross-Border Multi-Currency Blockchain-based Decentralized Clearinghouse will play a pivotal role in providing custodial settlement services via fully collateralized external funds.
The statement issued on Tuesday by MNF said the collaboration, stemming from a prior Memorandum of Understanding (MoU), establishes a cooperative framework between Greyhorse Financial Corporation and the Mwalimu Nyerere Foundation.
According to the statement,the long-term program aims to foster institutional and individual self-reliance not only in Tanzania but beyond.
The groundbreaking Fund Agreement places emphasis on the creation of a Non-Profit Institution Endowment Fund.
This marks the initiation of both institutional and individual endowment funds.
At the institutional level, a 3 million US dollar endowment fund will be established.
On an individual basis, the focus will extend to community groups, including the Children Education Fund, Teachers Fund, and the Mwalimu Nyerere Pan African Young Leaders Fellowship virtual program, according to the statement issued by MNF on Tuesday.
‘Greyhorse Clearinghouse Limited will play a vital role by providing the major initial funding for the program,”read the statemenr..
Over the course of ten years, the company plans to contribute an aggregate of 3 million US dollar further solidifying the commitment to advancing institutional and individual self-reliance in Tanzania and beyond.