Canada Helps Reduce Poverty in Tanzania - Strengthens Microfinance Sector

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(2004-41) News Release September 21, 2004 Dar Es Salaam (TANZANIA) -- The Honourable Aileen Carroll, Minister of International Cooperation, today announced that Canada is contributing $17 million to the Tanzania Financial Sector Deepening Programme (FSDP) Trust Fund. This fund supports poverty reduction by pooling donor contributions to give the poor greater access to financial services. Minister Carroll is currently in Tanzania, where she is visiting initiatives of the Canadian International Development Agency (CIDA), particularly those in the areas of private sector development and HIV/AIDS prevention, treatment and care. "Improving access to cost-effective, efficient and reliable financial services is an important step toward building a sustainable private sector and reducing poverty overall," Minister Carroll said. The funding will be provided by the Canadian International Development Agency (CIDA) over five years to support capacity development and institutional strengthening. Specifically, CIDA's contribution will provide technical assistance and training in order to improve the capacity of microfinance institutions to deliver savings and credit services to Tanzania's micro-, small- and medium-sized businesses and to the poorer segments of the population, particularly women and rural Tanzanians. Canada, through CIDA, is one of several donors to be contributing to the FSDP. Other donors include Great Britain, the Netherlands, Sweden and Denmark. Funding for this initiative was provided for in the March 2004 federal budget and is therefore built into the existing fiscal framework. - 30 - Information: Andrew Graham Director of Communications Office of the Minister of International Cooperation Telephone: (819) 953-6238 Media Relations Office Canadian International Development Agency (CIDA) Telephone: (819) 953-6534 E-mail: info@acdi-cida.gc.ca

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Canada Helps Reduce Poverty in Tanzania - Strengthens Microfinance Sector

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