Come take development loans before June this year DC encourages women , youth

Speaking in an interview the district commissioner Ally Hapi, urged youth to join in groups and apply for the loans from community development department.
By Azania Post Reporter
WOMEN and youth living in Kinondoni district, Dar es Salaam region have been asked to rush to the authorities and apply for a loan designated for them before June this year.
Speaking in an interview the district commissioner Ally Hapi, urged youth to join in groups and apply for the loans from community development department.
He said the district council has set aside shillings 2.3 billion from internal sources to be loaned to the youth and women living in the area before end of June this year.
Hapi said the district authority in Eastern Tanzania would provide machines and working tools instead of cash loans to the  beneficiaries .
Explaining he said already they have started issuing a loan of three motor cycles to a group of five youth within municipality. The loan interest rate does not exceed ten percent per annum.
“We are no longer disbursing cash loans to beneficiaries because the government want to see more youth engage in production of various of goods and services”, he said .
The DC also asked the loan beneficiaries to use the funds as intended so as to repay back money hence to enable more people access it.
 According to him municipal authority would not hesitate to take stern measure for loan defaulters.
Presenting the government 2016/2017 budget last year, the Minister for Finance and Planning, Dr Philip Mpango, told the Parliament that the government has allocated 5 per cent of each council revenue to support youths and women.
“The government has allocated 5 per cent of revenues from each council for youths while another 5 per cent will be deducted from each council’s revenues for women,” he said.
So far 12.4bn/- has already been offered as loan to youths and women who wish to establish and boost businesses.