Saturday 18 August 2007

'Avoid luxury, save and invest back home'

It is a good idea to save and invest back home.
People living abroad do contribute a lot to our nation's economy by creating jobs to people at home. They simply do that by creating small projects which do not need big capital to establish and run. Also those with big investments capital do make their mark.
People might be thinking that it takes millions of shillings to make something happen but in my own view, anything however small it is, can make a big difference!
Any project initiated at home will create a job opportunity to at least one person, who will end up supporting respective families and the society as a whole.
VP's call has come at a right time and should be supported by actions.
By Mosonga


Shein: Avoid luxury, save and invest back home
18 Aug 2007By Lusekelo Philemon
The Vice President, Dr Ali Mohamed Shein, has underlined the need for Tanzanians living abroad to make savings for investment back home. He said the government has created excellent conditions for all those intending to do so, adding that the security of such investments was guaranteed. Speaking at the official reopening of the CRDB Bank`s Vijana Branch in Dar es Salaam on Thursday, the Vice President said for years Tanzanians living outside the country were reluctant to remit their money back home “on the lame excuse of risks`. `I can assure you that the government has long devised fail-safe security mechanisms in financial institutions throughout the country and therefore call upon our fellow Tanzanians abroad to refrain from that negative attitude of old. They should come in with their money, assured that it will be safe,` he stated, adding that the investments would assist the families of those remitting the money as well as the country’s social and economic development. Dr Shein also commended the bank for introducing what is known as Tanzanite Account specifically for foreign-based Tanzanians, saying the move had made the international transfer of their money far easier than was previously the case. `Before this account was launched, Tanzanians abroad could not transfer their earnings home because the financial policies of some countries barred them from doing so. The introduction of this special account will help them to introduce several developmental projects in the country,` he said. The Vice President used the opportunity to call on Tanzanians living abroad to make enough savings from their earnings there for the good of the country’s economy. `They should refrain from living lavishly and instead save for the benefit of their families and the country at large because nation building calls for collective responsibility (by all Tanzanians),` he said. He also challenged financial institutions in the country to find ways of reducing interest rates on loans extended to small entrepreneurs, saying: `There is a need for financial institutions to seriously embark on the agricultural sector because that is the backbone of our economy. The institutions should plan to provide small farmers and other entrepreneurs with soft-term loans,` he added. For his part, CRBD Managing Director Charles Kimei said the understanding and cooperation between the bank, its customers and the larger public had contributed immensely to the bank`s `enviable achievements over the years it has been in business`. `We have been trying hard to provide our customers with quality services and are now one of the leading banks in Africa in terms of extending loans to farmers,` he said. Dr Kimei confirmed that security in financial institutions in the country has improved much in recent years, noting that “the development has enhanced our customers’ trust and confidence in us”.
* SOURCE: Guardian

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