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Microfinance

In 2005, the Aga Khan Agency for Microfinance (AKAM) commenced microcredit operations in mainland Tanzania in the Mtwara and Lindi regions, which are classified as among the most marginalised areas of the country. Mtwara borders the even poorer Mozambique province of Cabo Delgado, where AKAM also operates microcredit activities. This programme offers working capital loans for the establishment and expansion of micro and small retail and commercial enterprises in the urban centres and agriculture loans in the rural areas.

The microfinance activities aim to support civil society institutions and help communities to expand agricultural and fishing activities.The microfinance activities aim to support civil society institutions and help communities to expand agricultural and fishing activities. As the programme expands, it is expected that microfinance activities in Zanzibar will be closely linked to Aga Khan Trust for Culture (AKTC)’s conservation programme in the historic Stone Town. The programme will include housing rehabilitation and business development services in and around the restoration of the Stone town. These loans will work to reduce poverty by supporting local ownership, stimulating the development of environmentally and culturally appropriate tourism and ensuring sustainability of the rehabilitation programme.