Monday, December 22, 2014

TMEA launches fund to clear transport logistics in the country

Trade Mark East Africa (TMEA) has launched the first of its $ 16 million Logistics Innovation for Trade (LIFT) fund marking a deep step forwards reducing the region’s logistics and transport costs through innovative solutions. The occasion which took place on Thursday last week in Dar es Salaam this week was attended by transport stakeholders in the country. Speaking at the launch, TMEA Tanzania country director Dr. Josephat Kweka said that, by funding solutions to reduce the costs of transport, the fund will make a real contribution to improved trade and prosperity in Tanzania and East Africa region as a whole. He said TMEA believes that LIFT will help ensure that the private sector will be at the centre of providing solutions and contributing to the growth of trade in the EAC region. In addition to that, the fund will also provide grants Dr. Kweka noted that, the grants will range from $ 200,000 and $ 750,000 to winning proposals from innovators from across the world but whose ideas will be implemented in East Africa region. 

Dr. Kweka further elaborated that, East Africa currently has some of the highest freight and transport costs in the world. These costs seriously erode the competitiveness of goods exported by East African countries, thus reducing tirade economic growth, job creation and poverty reduction. In view of this, he said that the fund will contribute to a significant reduction in transport and other logistics related costs in order to increase competitiveness for the trading community in East Africa. TMEA is an organization funded by a range of development agencies with the aim of growing prosperity in East Africa through trade. The organization works closely with East Africa Community institutions, national governments, the private sectors and civil society organizations.

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