UK: The United Kingdom (UK), through its UK Export Finance (UKEF), has designated approximately £2 billion as a guarantee for Tanzania’s public and private sectors. This guarantee aims to facilitate access to loans for the Tanzanian business community from various financial institutions.
Tanzania’s Ambassador to the UK, Mbelwa Kairuki, recently disclosed this information and outlined plans to organize a seminar.
The seminar is intended to provide Tanzanian businessmen with insights on accessing the guarantee from UKEF to facilitate loans from global financial institutions.
Kairuki emphasized the straightforward application process for the guarantee, likening it to a loan application. Key prerequisites were highlighted, including ensuring the viability of the business, conducting a feasibility study, and having a guaranteed market. Another condition for obtaining the guarantee is that the business must be related to purchasing goods or services from the UK.
“For example, if you want to build a hotel, 70 per cent of the building materials should be provided by the UK,” added the envoy.
The Ambassador announced that the seminar is scheduled to take place between the 19th and 23rd of February this year. This event will offer Tanzanian business representatives an opportunity to gather information on accessing grants from UKEF and leveraging them for loans from international financial institutions.