DAR ES SALAAM: THE Higher Education Students’ Loans Board (HESLB) has strengthened collaboration with the private sector to enhance youth participation in the digital economy and equip them with self-employment skills.
Speaking in Dar es Salaam, the Director of Loan Planning at HESLB, Dr Peter Mmari, said the move is part of the Tanzanian government’s directive to integrate public institutions with private sector stakeholders in order to maximize returns on investment in human capital.
“This partnership aims to improve service delivery and increase the productivity of investments in human resources,” he said.
He noted that since its establishment in 2004, HESLB has issued loans to more than 1.1 million Tanzanians amounting to approximately 8.5tri/-, marking one of the government’s largest investments in building a skilled and competent workforce.
According to Dr Mmari, improvements in digital systems and strengthened management have increased annual loan recoveries to over 220bn/-. This has enhanced the sustainability of the revolving fund and enabled new beneficiaries to continue accessing loans.
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To further advance the digital economy agenda, the board has partnered with Baobab Link and CRDB Foundation to provide students with digital skills training, working tools, and entrepreneurship education.
“This collaboration will empower students to start their own ventures while still in university and even after graduation, while also enabling them to efficiently utilize the board’s loan systems,” he added.
On her part, the Chief Executive Officer of CRDB Foundation, Tullyesther Mwambapa, said the foundation will continue offering financial literacy education, mentorship, and business management training to ensure young people leverage these opportunities to create value and jobs.
“Youth are the workforce of today, and empowering them to actively participate in the digital economy is a critical step toward accelerating national economic growth,” she emphasized.