Mwinyi urges banks to empower women in blue economy

By The Citizen Reporter

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Zanzibar. Zanzibar President Hussein Ali Mwinyi has urged local lenders to support government efforts to increase women participation in the

blue economy value chain by financing their engagement in the lucrative industry.

Dr Mwinyi called for the banks’ support on Thursday when he hosted a delegation of the Tanzania Commercial Bank (TCB) at State House where he also invited other stakeholders to partner with his administration to empower women economically.

According to him, no stone would be left unturned in the endeavour to capitalise on the potential of the blue economy to propel the growth and development of the Spice Islands.

“The vision of my government is to transform the economy of Zanzibar. We’ll, therefore, partner and work with stakeholders like you particularly in uplifting the economic status of women,” Dr Mwinyi told the TCB delegation led by its chief executive officer Sabasaba Moshingi.

According to him, supporting women financially was critical in Zanzibar where they comprise majority of general entrepreneurs especially those involved in seaweed farming.

He commended TCB for its readiness to enhance the participation of women entrepreneurs in the development of the blue economy and growth of the whole of Zanzibar. He called on the bank to extend more loans to women in the isles saying its Sh3 billion credit to them had been impactful in their lives and productive activities.

Dr Mwinyi further noted that the Revolutionary Government of Zanzibar was ready to partner with TCB in addressing pertinent issues that limit readily availability of credit, notably high interest rates and loan guarantees.

In support of the blue economy, TCB will  organise its Business Forum for Women in Zanzibar, which Dr Mwinyi said was an ideal platform for not only economic empowerment but also ensuring women entrepreneurs participated fully in the prosperity of the blue economy.

The focus of the conference whose opening will be graced by President Mwinyi will be on the pivotal role women can play to boost the fortunes of the blue economy and participation in sustainable development.

Mr Moshingi said the Zanzibar forum was the fourth to be held since TCB embarked on the mission to make banking work for women. Its predecessors took place last year with Dodoma hosting the inaugural roundtable whereas the second and third were held in Mbeya and Mwanza respectively.

Mr Moshingi commended Dr Mwinyi’s vision of how to optimally harness marine and coastal resources for sustainable development.

According to him, the blue economy has all it takes to uplift Zanzibar to new economic growth heights and development levels.