Tanzania: TADB Unveils 209 Billion/ - to Uplift Local Farmers

Jun 06, 2017 | Tanzania Daily News; All Africa

The TADB (Tanzania Agricultural Development Bank) provides farmers with over $ 290 billion to stimulate acquisition of agricultural inputs, improve the sectoral value chain, create more job opportunities and reinforce food security.

In an effort to raise agricultural production in the country, the government through Tanzania Agricultural Development Bank (TADB) has set aside 209bn/- as 'soft loans' to purchase agricultural inputs in the sector. The revelation was made yesterday in Dar es Salaam by Deputy Permanent Secretary in the Ministry of Finance and Planning, Dr Khatib Kazungu, adding that the fund will enable the farmers to acquire the loans for their medium and long term farm related activities. "The government has assured TADB of its commitment to increase its bank capital to reach 800bn/-," said Dr Kazungu, while in an event to sign a contractual agreement with the bank on the fund. He hinted that the fund will enable TADB to support the government in its National Development Plan of 2016- 2021 which aims at improving agricultural value chain in the country and create more job opportunities for youth and improving local food security. Dr Kazungu said the funds will address the major problem farmers have been facing including paying back their loans within 5 to 10 years as required by some commercial banks in the country. Read more on All Africa. Source: All Africa