STATEMENT FROM THE CHAIRMAN OF THE TGT BOARD OF TRUSTEES

Much has been accomplished yet there is still a lot more to be done given the scope of the SMEs needs in Tanzania

Year 2007 was a very eventful year. TGT was privileged to host Lord David Sainsbury –the founder of the Gatsby Charitable Foundation in UK .He visited Tanzania in January and in September during which time he was exposed to various projects programme and stakeholders with which TGT is networking. Lord Sainsbury witnessed significant achievements made by the Trust over the years. We thank Lord Sainsbury for support which he provides to TGT though the Gatsby Charitable Foundation of UK and encouragement he gave the Trust during his visits.

The details provided in the subsequent pages of this report highlight the strides that the Trust has made especially in provision of financial services to SMEs. The Trust by far surpassed the outreach target as well as the disbursement amounts, attaining a very high loan recovery rate of 98.36%. The few defaulters will continue to receive follow up attention until the last cent is paid because a loan is a debt which must be paid. We commend borrowers who have honored their obligations on time and urge those who lag behind to learn from their well performing colleagues.

Marketing services support to the entrepreneurs working with TGT was quite rewarding. Product quality is generally much better though there is much more to be done in this front. There are many opportunities in the domestic as well as export markets which participating client companies can access provided alertness, aggressiveness, high productivity, high quality and price among others, are right.

Low Costing Housing Project completed a third year of implementation. It is gratifying to note that the clients are managing the opportunity/facility very responsibly thereby encouraging the Trustees of TGT to expand the Zanzibar portfolio and consider extending the initiative to Mtwara, Rukwa and Kilimanjaro Regions in due course.

The University programme has continued to inspire stakeholders through various interventions which are linking rural and urban micro and small enterprises to the higher institution of Engineering and Entrepreneurship knowledge in Tanzania. The gap is being bridged quite fast. Each one of us should contribute to fruitful fast tracking of SME-CoET (College of Engineering and Technology) collaboration that TGT is spearheading.

The coming to Tanzania of Lord David Sainsbury that I alluded above has created a new intervention in the cotton and textile sector encompassing the whole value chain. Programme implementation in 2007 involved a very exhaustive study of the sector, validation of the study and aligning the requisite support to cotton growers, ginneries, textile mills, research stations and regulation bodies. During this process TGT experienced exceptionally rewarding support and cooperation from all stakeholders, and look forward to successful recovery and advancement of the sectors involved.

Year 2007 was my first year as Chairman of the Board of Trustees. I wish to thank my predecessor and founder Chairman Ibrahim Hassan Seushi for a sterling job done over the decade and half. He was not alone, the Trustees, management team led by Mrs. Olive Luena our CEO, clients and other stakeholders played their roles quite commendably in the years up to 2007. We thank Mr.Seushi for the wonderful leadership and the rest for the cooperation and support rendered.

I thank each and everyone for the encouragement support and teamwork in my first year in office and request that we continue doing more during years ahead of us.