The government of Tanzania has declared that it would revive the Tanzania Women Bank (TWB) to make sure that it implements effectively the intended objectives to support women economically and socially.

A latest report by the Controller and Auditor General (CAG) report released in April this year said that the TWB is likely to fall victim of becoming the next bank to be under receivership after failing to meet regulatory standards, including having a capital adequacy ratio of 5bn/-

The report further said that the trend of day-to-day capital is on break. TWB must take concrete steps to ensure it keeps up with the standards capital adequacy ratio.

The Vice President Samia Suluhu   said that the bank had encountered several faults and irregularities that lowering its operations made it fails to execute its roles.

She made the remarks at the official launch of the 14th gender festival that among others aims at assessing the challenges and achievements present in the struggle for gender equality in accordance with the International conventions agreements and laws.

Dubbed; ‘Transformation of Oppressive Systems for Gender Equality and Sustainable Development’ the festival brought on board government officials, Ambassadors, UN representatives, Civil Society Organizations CSOs and other partners.

“We expected that the bank could reach far to support many women in the country, but it worked as expected,” she said.

“We are currently on the step to revive the institution to make sure that it supports vast majority of women economically,” VP added.

The festival that among others, it focused on assessing the achievements and challenges that still present in despite the milestone struggle for gender equality in the country.

The Vice President said that the government will discuss the possible solutions that will help to restore the institution.

Suluhu insisted that the government is not happy to see that the institution that was legally established fails to implements its roles.

“We will outsource various partners who can help us to boost the capital of the institution and to make sure that it is able to render its services effectively to its customers,” Suluhu said.

She added that one of the components that gave Tanzania recognition in the United Nations meeting for ensuring gender was the establishment of Tanzania Women Bank (TWB), so the bank is supposed to be improved to embrace our recognition.

For her part Executive Director, for Tanzania Gender and Network Program (TGNP) Lilian Liundi said that the existence of financial gaps and levels of knowledge and technology in the society pose a great challenges to women in accessing their basic rights.

Director said that 60percent of women in the country lives in extreme poverty, cited in 2015 whereby 33.4percent of rural women lived in extreme poverty compared to 4percent of women lives in urban areas.

“Most of rural women have been marginalized and left aside in the key decision making process because they are taken as illiterate,” she said.