Dar es Salaam — The Tanzania Private Sector Foundation (TPSF) executive director, Mr Godfrey Simbeye, has asked banks to relax conditions, a move that would help more industries be established.
Speaking during the second edition of Mwananchi Thought Leadership Forum on Thursday October 4, Mr Sembeye said that many startups grow to become big industries.
However, Mr Sembeye said owners of such startups need to be empowered through accessing easy capital for them to contribute substantially towards industrialisation.
"Whenever the startups seek funding from banks, they are required to have collateral and other strict conditions, which discourage them. This has its share in impeding industrialisation," he explained.
In addition, Mr Simbeye said the TIB Development Bank and Tanzania Agricultural Development Bank Limited (TADB) alone are not enough to provide funding to support industrialisation.
He said there is a need for more financial institutions to engage in providing long-term funding to the industrial sector.
The forum aimed at discussing opportunities and challenges towards industrialisation.