The fund, named
"Its coming is of special economic significance as it will provide growth capital for high-growth small and medium sized companies," the president said while launching the fund in Dar es Salaam.
He further noted that investor confidence has also grown, with foreign direct investments having gone up by 38 per cent. According to the president, FDI flows had reduced globally at a point in time while it had increased in
"The demand for credit among businesses had gone up by 15.3 per cent between 2012 and 2013," he pointed out, while praising the entrance into
The president hailed the launching as a good move towards small and medium enterprises that are hungry for capital and finance, adding that this would encourage more funds to come into the market.
"A bulk of our businesses are SMEs and are usually hungry for capital, " he said.
He noted that young people will continue to be the engine of growth, noting that given support, including finances, they would deliver the promise of
"Natural resources alone cannot change the national dream into reality but it is business that would transform the economy," President Kikwete remarked.
She explained that the Fund responds to the emerging market opportunity in Sub-Saharan Africa, adding that it is designed to fill the gap in the current array of financing options available to thriving African SMEs operating in a number of consumer-demand driven sectors.
The Fund's CEO noted it would offer opportunity for investors to participate in private equity investments in Sub Saharan Africa.
The fund is managed by a credible and disciplined fund manager with unique networks, experience and skills geared to unlocking the potential of African SMEs -- creating sustainable value, stellar returns and real development impact, she added.
During the panel discussion, the Director of Resource Mobilisation and Economic Sectors at the
He expressed his belief that the coming of the fund would bring expertise, capital and business growth.
Mkoba was founded in 2013 by partners with deep local roots, diverse experience and profound knowledge of target countries' political and social context, with 70 per cent of companies that manage Mkoba being Tanzanian.
The conference, jointly organised by
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