European Union Empowers Tanzanian Businesses with Financial Opportunities Under Global Gateway Strategy
The European Union (EU) recently conducted an information session in Tanzania titled “Grow with the European Union Finance,” focusing on financial opportunities for local businesses under the Global Gateway strategy. This session aimed to empower Tanzanian businesses to access various financial opportunities offered by the EU and its Member States.
During the session, several financing deals were signed between European Development Banks and local Tanzanian banks, expanding credit offerings for Tanzanian MSMEs. Additionally, a new financing tool grant contract worth TZS 11.23 billion (EUR 4 million) was signed between the EU and the Financial Sector Deepening Trust (FSDT) to promote inclusive finance for SMEs operated by women and youth.
The event saw over 100 representatives from the banking sector, SMEs, MSMEs, and corporate enterprises participating, highlighting the critical need for local businesses to connect with EU-catalyzed financiers through the Global Gateway financing tools.
Cedric Merel, Head of Cooperation for the EU Delegation to Tanzania, emphasized the EU’s comprehensive support for the Tanzanian business environment, stating that a conducive business environment is essential for businesses to thrive. Edward Claessen, Head of the Regional Hub for East Africa at the European Investment Bank (EIB), also reiterated the EIB’s significant support for private sector initiatives in Tanzania.
The information session provided insights into the EU’s Global Gateway strategy, which includes a variety of financial products such as grants, loans, equity, and guarantees designed to benefit businesses of all sizes. The European Fund for Sustainable Development Plus (EFSD+) is a key part of this strategy, aiming to mobilize public and private financing worldwide to support the Sustainable Development Goals (SDGs).
Overall, the financial opportunities offered by the EU are crucial in fostering a thriving entrepreneurial ecosystem in Tanzania, ensuring that diverse segments of the population, including women and youth, have access to the resources they need to succeed. This support not only boosts individual businesses but also contributes to the overall economic development of the country.
In conclusion, the EU’s commitment to supporting Tanzanian businesses through various financial opportunities is a significant step towards enhancing economic growth and prosperity in the region.
