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Dar es Salaam. KCB Bank Tanzania has partnered with the German Development Agency (GIZ) to launch a €846,000 (about Sh2.2 billion) initiative that will increase employability and income generation of 960 Tanzanian youth in the construction sector.
The targeted group will receive technical and vocational training, as well as construction toolkits to enable them start up their own businesses.
According to a statement issued by KCB Bank yesterday, the 50/50 partnership arrangement is implemented under the Employment and Skills for Development in Africa (E4D) program jointly carried out by GIZ and KCB Foundation through KCB’s 2jiajiri Programme.
The partnership launch was graced by Prime Minister Kassim Majaliwa Majaliwa.
The PM has commended the move, saying it will help Tanzania to achieve national development plans including Vision 2025 which seeks to build a competitive Industrial Economy for Human Development.
“Youth empowerment is key in ensuring national economic growth because youth forms a huge source of manpower that can work in different sectors like agriculture and mining,” said the PM.
KCB Group CEO, Mr Paul Russo said the bank was pleased to join hands with GIZ to make the lasting and meaningful contribution to the economic development of Tanzania through the youth in the construction sector.
“We are cognizant of the role of the youth in the transformation of an economy and how important the construction sector is in driving the growth of Tanzania through its multiplier effects on other industries,” he said.
GIZ Country Director, Dr Mike Falke said: “We are happy with the quality and results of this cooperation which is aligned to the priorities of the government in addressing the skill gap and promoting employment,” he said.
KCB Bank Tanzania board chairman, Mr John Ulanga said the program was in line with the Bank’s strategy to ensure sustainable communities by providing solutions to problems facing Tanzanians and ensuring they deliver long-lasting impact.
“We are confident that this partnership is for the greater good of youth in Tanzania and will create a long-lasting impact through increased employment, innovation, and entrepreneurship growth,” said Mr Ulanga.
Managing Director of KCB, Mr Cosmas Kimario said the Bank was planning to enroll more youth this year to widen the opportunity to many Tanzanians.
“This year KCB Foundation will enroll another 5,000 youth in Tanzania. This is the largest enrollment we have ever done. We believe that this initiative will create more opportunities and ultimately ensure a greater impact on many Tanzanians,” he said.
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