FINANCIAL Sector Deepening Trust (FSDT) yesterday launched the Small and Medium scale Enterprises (SMEs) grant awards worth 100,000 and 500,000 US dollar (150m/- and 750m/-) to winning business proposals.
FSDT Financial Specialist Patricia Mwangi told stakeholders from different financial institutions in Dar es Salaam on Wednesday that the applicants would need to demonstrate their capacity to implement their proposed projects within two years.
"We welcome applicants from any part of Tanzania. But, the project will need to demonstrate that it can benefit a significant number of SMEs in Tanzania."
The grant awards, she said would be made through a two stage competitive process in the range of 100,000 and 500,000 US Dollar, saying the proposed projects should be submitted to the FSDT before September 28 this year.
Ms Mwangi noted that applicants interested to participate in the competition must initially complete the form to be collected from the FSDT offices and that all submission will be reviewed, with the most promising ideas going through to the next stage.
"Award recipients will be expected to comply with various reporting requirements to be mutually agreed during contract negotiations," she said.
Giving a keynote address during the launching ceremony in Darn es Salaam, the Credit Bank of Moscow Supervisory Board Chairman, Mr Sandy Vaci, said the SMEs, which contribute over 80 per cent of the country's Gross Domestic Product (GDP), were vital for the economic development of the nation.
The GDP refers to market value of all final goods and services produced within a country in a given period. It is often considered a good indicator of the country's standard of living.
The FSDT is the nonprofit organization that aims at providing greater access for more people to the financial sector in Tanzania. The trust envisages supporting projects with innovative concepts, technologies and business models.
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