LAUNCH OF THE JOINT INVESTMENT FUND “FAIDA FUND”

Crdb Bank shows solidarity in supporting the community.

WHI Chief Executive Officer Dr Fred Msemwa said the introduction of the Faida Fund resulted from views from investors who wanted to invest in short term assets. Apart from the great achievement of the first fund in housing (Watumishi Housing Corporation-REIT) launched in 2014 and raised 59bn/-, some of the investors, especially retail, requested for the establishment of this fund, which gives opportunity for many investors.

Speaking during the fund’s launch in Dar es Salaam over the weekend, minister Mhagama said the government would like to see Tanzanians are not left behind in investments and capital growth. The minister congratulated WHI for creating the fund because it will not only create opportunities for an anians to invest for good profit ut will help it to raise capital for implementing its development project.

“This fund is part of the government’s intention to empower Tanzanians economically and it is the implementation of the economic empowerment policy,” she said.

“Because this is a patriotic corporation, we decided to work on the views of our investors. Today, we are proud of launching Faida Fund, the collective investment scheme. This fund does not discriminate against any amount of investment the investor has and it gives an opportunity for any Tanzanian to join,” he said.

Dr Msemwa revealed that the fund has surpassed its target after raising Sh12.9 billion from investors, an impressive 173% through unit sales. He said the target was to collect Sh7.5 billion from the sale of units, which started in November and continued through December last year.

Due to great response, the value of a unit has increased to Sh100.54 from the initial Sh100, and is expected to rise further. “In a period of two months, a total of 3,800 investors have registered with the fund, out of which 800 have

“Under IMBEJU we will also be providing training in business management, the use of IT systems financial and marketing education and assistance in improving products and innovative ideas,” Mr Nsekela said.

The bank will also establish a special training and business innovation centre at the former Headquarters of the CRDB on Azikiwe Street in Dar es Salaam.

The centre will be managed in collaboration with the IT Commission. The programme placed greater emphasis on startups in the IT sector, focusing more on stimulating the digital economy.

The ICT Commission Director General, Dr Nkundwe Mwasaga, said they envisage that the ‘IMBEJU’ programme will rapidly stimulate the growth of young businesses in the economy.

The IMBEJU goes in line with the slogan “Leave No One Behind” of the Sustainable Development Goals (SGD) 2030 which emphasises the empowerment of marginalised groups and tackling inequality in economic opportunities.