The Program was established in 2004 and it seeks to facilitate formalization of property and business assets in the extralegal sector, into legally held and formally operated entities in the formal sector of the economy. The ultimate goal is to economically empower property and business owners in the informal sector whose entry into the formal market economy will enhance their opportunities in using their assets to access capital and thus improve national economic growth and reduce individual household poverty.
The Specific objectives of the Program are to:
- Build architecture of poverty and business rules tat will bring together, standardize, and modernize the prevailing local customary arrangements dispersed throughout the country, so as to create one Tanzanian property and business legal system that incorporates all sectors of the society.
- Foster national integration by enabling the government to bring the informal sector into the legal system in order to govern the nation’s market activities more effectively.
- Ensure that assets of the poor, which are held and exchanged outside the existing legal system, are adequately documented and standardized into universally accepted property records that can be used to create liquidity.
- Develop means to achieve board – based support for change, for both traditional community leaders and the poor, towards a national property framework that can be held realize the potential of a modern market economy
- Enable overall economic policies and supporting mechanisms such as monetary and fiscal stimuli, to actually work once most people are inside the legal market economy.
- Safeguard the economic interests of the poor majority of the people of Tanzania from adverse impacts of globalization