Vice-President Deogratius Ndejembi gave the Ministry of Industry and Trade six months on Monday, 19 October, to prepare a policy specific to start-ups, aimed in particular at facilitating their access to capital. He announced the instruction at the opening of Tanzania Startup Week in Dar es-Salaam, according to his office.
The future framework must take account of the particular needs of these young innovative companies, whose growth potential and investment needs set them apart from traditional small and medium-sized enterprises. The vice-president asks financial institutions to develop ways of providing capital, beyond credit alone.
Access to finance remains an obstacle for entrepreneurs who lack the collateral required for large loans, the vice-president's office notes in its report.
Deogratius Ndejembi also instructed the ministry to work with the Prime Minister's office on setting up a joint innovation centre. The space is meant to allow entrepreneurs to meet, develop their projects and connect with investors and financial institutions.
Banks and telecommunications companies are invited to contribute to the workspaces and necessary services, including internet access. The Tanzania Startup Association is to be involved in preparing the policy.
A dedicated policy has been under discussion since 2023 without being finalised, The Citizen daily reports.