Tanzania : Logistics & Transport Challenge Fund to support innovators & entrepreneurs arrived
The landlocked East African region has lower global competitiveness related to its export market mainly due to lofty freight and transportation expenditure, which accounts for as high as 75% of the overall value of exports.
Manager at the Logistic Innovation for Trade (LIFT) Challenge Fund Mr. David Mitchell has stated in Dar es Salaam yesterday that the regions transportation cost for each kilometre is more than the USA and Europe, creating adverse affects on the producers and business entities in the region.
He has made this statement at a special occasion held to introduce a second round of Logistics and Transport Challenge Fund aimed at helping innovators and entrepreneurs involved in the logistics and transport industry.
Mr. Mitchell has stated that the financial system based on the US$ 16 million worth of grant is meant for helping innovators with excellent proposals for products or services, which can trim down the transportation and logistics costs for the regional businesses.
He added, The Challenge fund instruments fill a significant gap in the financial support needs of private businesses and the innovators that drive business activity to greater results and efficiencies.
According to the Lift Challenge Fund Manager, the LIFT will deliver grants between US$ 150,000 and US$ 1 million to lucrative ideas from worldwide innovators, slated to be implemented in the East African Community (EAC).
He has also highlighted that business entities and individuals across the globe now operational or keen to operate in the EAC will be able to access the LIFT Challenge Fund.
He has further stated that requests for innovative ideas from businesses involved in the transportation and logistics sector are being sought now.
Mr. Mitchell noted, A simple online application form is available to applicants who will then have to submit a brief concept note of their project idea before August 12.
Dr Josephat Kweka, the TradeMark East Africa Country Director for Tanzania, has disclosed that the LIFT Fund is a helpful financial device to support private sector in its creation and investigation of innovative ideas.
The TradeMark East Africa implements project in partnership with the LIFT Fund.
Dr Kweka added, We are optimistic that entrepreneurs and innovators of the EAC in partnership with their counterparts internationally will drive forward development through the adoption or introduction of best practice technologies in the transport and logistics sector.