THE United Nations Capital Development Fund (UNCDF) has described Tanzania’s entry into middle-income economy as an outstanding example of knowledge and technical support in catalysing local development investment.
The global body said it was worth for other least developed countries to emulate if they wish to graduate from poverty through promotion of inclusive economic development.
“Tanzania’s attainment of middle-income economy status has amplified conversation around sustainable and inclusive growth,” said Mr Peter Malika, the Head of UNCDF.
Mr Malika was speaking in Dar es Salaam during the launch of a UNCDF report on investment and technical capacity towards local economic development recently.
He said the report was showcasing UNCDF’s two-year (2017-2019) project to enable local investment with over $50m has been implemented in four different least developed countries from Africa, Asia and South America, out of which Tanzania is the only one which has graduated.
Mr Malika said the project dubbed as Local Financing Initiative (LFI) was supporting technical knowledge, providing seed capital and writing bankable business plans to local entrepreneurs, which had yielded positive results and fighting against poverty in Tanzania.
He said LFI projects were implemented in 17 district councils and had reached out to 15 private business entities supported by structural transformation implemented by the government and capacity building which aimed at adding value to locally produced goods.
For his part, UN Resident Coordinator, Zlatan Milisic promised to continue supporting in different forms, working in partnership with the government to meet national priorities to ensure the attainment of Strategic Development Goals (SDGs) by 2030.
“This approach of combining seed capital funding and technical assistance is especially important in the support of public and private sector actors to invest in the local economy. It complements very well the work of the UN in providing development solutions.
Speaking on behalf of Permanent Secretary in the President’s Office (Regional Administration and Local government), Dr Charles Mhina, the director of local government said the government appreciated very much the support of UNCDF and its partnership with the local government in income generating investments needed for the country’s development.