Tanzania: Agriculture Bank Issues Sh1.23bn to Farmers

Jul 05, 2018 | The Citizen; AllAfrica

The Tanzania Agricultural Development Bank (TADB) has issued loans amounting to Sh1.23 billion to the Ngara Farmers Association for buying 20,000 tonnes of coffee during this season.

The district agricultural officer, Mr Costantine Mudende, said the funds would be used to buy coffee at a first installment of Sh1,000 per kilo. He said the purchased coffee will be transported to Moshi Coffee Auction whereby after an auction, the second installment will be paid to farmers, depending on the trend of the global price. According to the Monthly Economic Review for April this year shows that the global robusta coffee price fell to $1.9 per kilo in March this year from $2.0 per kilo in February while the annual price remained at $2.1 per kilo in both 2017 and 2018. The price for Arabica coffee also fell down by 14.3 per cent on annual basis to $3.2 per kilo in 2018 from $3.7 recorded in 2017 while monthly price remained flat at $3 per kilo in February and March this year. He called for farmers to make sure that they harvest matured coffee beans and dry them appropriately. "It is prohibited for anyone or company to buy coffee illegally," he said. Mr Odas Mathias, one of the farmers from Bushororo Village, said he expects to harvest 400 kilos after planting 300 coffee trees at his one acre farm since 2010. 'I have benefited from coffee a lot as I can pay school fees for my children as well as having funds available to manage my farm," he said. Source: AllAfrica