Loan defaulters risk losing fishing boats, warns Zanzibar official
Zanzibar authorities have warned that fishing boats provided through government empowerment schemes will be repossessed if beneficiaries fail to repay their loans. Officials emphasized that these loans are not grants and that repayment is essential to sustain the revolving fund for future entrepreneurs.
Why it matters
This highlights the challenges of managing government-backed economic development programs and the importance of financial accountability in the Blue Economy sector.
ZANZIBAR: ZANZIBAR authorities will repossess fishing boats from loan defaulters who fail to clear their debts under government empowerment schemes, a senior regional official has warned.
Speaking during a strategy meeting with implementing agencies—including the Zanzibar Fisheries Corporation (ZAFICO)—Urban West Regional Administrative Secretary Ali Maulid urged beneficiaries to settle their debts immediately or face immediate asset seizure.
He stressed that loan repayment is not optional but a legal and moral obligation, describing it as a cornerstone for ensuring that more citizens benefit from government empowerment initiatives.
"Prompt repayment of these loans is essential to replenish the revolving fund and enable more entrepreneurs to access capital to expand their fishing activities," he said.
Mr Maulid noted that the government has invested heavily in the fisheries sector to create employment, improve household incomes and stimulate economic growth through the Blue Economy agenda.
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