UK Secretary In East Africa To Boost Trade Links


information pills page geneva; font-size: small; line-height: 200%;”>Accompanied by senior representatives of 18 British and international businesses and social enterprises, Greening set out four new commercial initiatives to help the poorest benefit from economic growth in Tanzania.

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“For too long the development world has seen the skills and potential of the private sector as something separate to its own efforts, I want to take a different approach,” she said while launching UK’s High Level Prosperity Partnership in Dar Es Salaam.

According to Greening, the first stage will provide bespoke training to financial professionals, regulators and government officials across the region through London Stock Exchange Group’s Academy.

“The only way for developing countries to end their dependency on aid is to create more jobs, growth and tax receipts,” she noted and then went on to say, “In the end, for individuals too, a job is the only sustainable route out of poverty.”

Greening also pointed out that business can bring much needed investment and innovation at a scale that can be transformational, providing prospects and economic opportunities for communities.

“It is sensible for us to work with business to make sure their plans help local communities,” she concluded.

According to Antonella Amadei, the Head of Global Business Development at London Stock Exchange Group, working in partnership with frontier and emerging economies is a vital part of London Stock Exchange Group’s strategy which will enable the UK to compete on the world stage.

“This education and training programme can help to grow and strengthen East African capital markets, enabling companies in the region to raise capital and create jobs – contributing to long-term economic development,” Amadei observed.

DFID will set up four new trial partnerships with businesses and not-for-profit organisations working in Tanzania and also collaborate with social enterprise and business with loans and equity, generating a return that can be reinvested.

With the partnerships of Unilever, Wood Family Trust and Gatsby Foundation, DFID will provide up to £7.5 million to allow the partnership to invest in a tea project in the Southern Highlands of Tanzania.

This funding will boost the incomes of potentially more than 3,600 potential tea farmers spread throughout 27 villages.

DFID will also provide up to £2.5 million to Africa Agricultural Development Company (AgDevCo) to fund the development and construction of a hydro plant to support Wakalima Tea Factory.

It will also invest up to £3.3 million in Equity for Tanzania to provide finance to small agribusinesses and farmers in need of agricultural equipment.

The scheme will initially start in Moshi and Mbeya and extend to the rest of Tanzania.

DFID’s other co-investment will give equipment to SMEs and provide up to £6.7 million investment in Kilombero Plantations Ltd (KPL), East Africa’s leading rice producer.


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