Youth loans to boost economic growth
MWANZA: THE National Leader of the 2026 Uhuru Torch Race, Wazo Mwang’onda yesterday highlighted the impact of government-backed youth loans in enabling young people to start businesses, create jobs and develop valuable skills, saying the initiative demonstrates how targeted financing can broaden economic participation.
He urged youth in Ilemela Municipality to use council loans productively to establish sustainable businesses and achieve economic independence.
He was speaking while inspecting a project run by Nguvu Moja Youth Group in Kayenze Ward, which received a 45m/- loan under the council’s youth financing programme.
“The government has continued to create a favourable environment for youth to access capital through various loans,” he said, urging beneficiaries to invest the funds in productive projects and ensure they generate positive results.
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Nguvu Moja Chairman Mussa Philipo said the loan had created five direct jobs, while five students were receiving practical training through the project.
He said the project was also contributing to government revenue through taxes and supporting local businesses through purchases of goods and services.
The group plans to build a larger workshop to increase production capacity, expand services and create more jobs, Mr Philipo said.
Mr Mwang’onda said beneficiaries should ensure their projects remain sustainable and use the loans for their intended purposes.
