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US $16 million logistics challenge fund launched

Published on May 23, 2016

The Logistic Innovation for Trade (LIFT) Challenge Fund Manager, Mr David Mitchell, said in Dar es Salaam yesterday that the transport cost in the region was higher that the USA and Europe per kilometre, impacting negatively on the producers and businesses.

According to the Lift Challenge Fund Manager, the 16 million US dollars grant based financial mechanism is aimed at supporting innovators with good ideas for products or services that can reduce the costs of transport and logistics in the region.

The Logistic Innovation for Trade (LIFT) Challenge Fund Manager, Mr David Mitchell said,

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. LIFT will provide grants ranging from US$ 150,000 to US$ 1 million to winning proposals from innovators from across the world whose project ideas will be implemented in the East African Community (EAC).

Read more. Source | Daily News