Stanbic equips 100 SMEs with skills to run strategic projects

About 100 entrepreneurs have been empowered by the Stanbic Bank Tanzania through capacity building programme to enable them seize and compete in huge strategic projects.

The bank conducted capacity building programme dubbed Supplier Development Programme under Stanbic Biashara Incubator which involved Medium and Small-sized Enterprises (MSMEs).

The Stanbic Biashara Incubator serves as a platform for promoting local content by strengthening domestic companies, enabling them to secure contracts with international counterparts and not only boosts economic activity but also installs a sense of pride in the local business ecosystem.

“We understand that MSMEs are the lifeblood of any thriving economy. They are the seeds of innovation the engines of growth and the catalysts of job creation,” the Stanbic Bank Tanzania Chief Executive, Mr Manzi Rwegasira has said during the graduation.

Mr Rwegasira has said they started the Stanbic Biashara Incubator because they believe in the transformative power of entrepreneurship.

“By empowering these businesses we are investing in the future of our community as well as igniting a ripple effect that extends far beyond individual enterprises, one that stimulates economic growth, creates employment opportunities and builds a stronger, more resilient economy,” he stressed.

Mr Rwegasira has said the value of investing in MSMEs cannot be overemphasized.

“Our extensive network allows us to connect local businesses to market opportunities beyond our borders,” Mr Rwegasira has said adding that 52 percent of the graduates were women led and owned businesses.

The Deputy Speaker of Tanzania National Assembly, Mr Mussa Zungu has said the empowerment contributed to expand markets, creating employment opportunities, and increasing the participation of small and medium businesses, in strategic projects and investment opportunities that is the impetus for the development of the nation.

On his part the Stanbic Bank Tanzania Head of Business Unit, Mr Fredrick Max said the incubator designed to provide a comprehensive suite of resources and services each carefully curated to accelerate the growth of those companies

Mr Max has said the objective is to implement training programmes and support SMEs in Tanzania to manage, sustain, and grow their enterprises effectively, thereby increasing local employment opportunities, employee incomes and improving working conditions.

One of the beneficiaries of the programme Mr Herry John has said while in the training he won a project worth 7 million US dollars.

“I used to apply several times more than three times eventually fourth time while in mid of training Stanbic team helped me on how to compile tender documents which I bid and win the project of 7 million US dollars,” said Mr John who is the director of the Ocean Link Shape Services.

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