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Farmers urged to utilise TADB loan opportunities

Posted on March, 20, 2019 at 09:45 am


PRIME Minister Kassim Majaliwa yesterday urged creditworthy farmers in Tanzania  to access loans from the Tanzania Agricultural Development (TADB) to revolutionalise farming and agro-processing.

Inaugurating TADB Lake Zonal Office, Majaliwa reminded that Tanzanian industries were  heavily dependent on agriculture for raw materials. Therefore, he said, it was very opportune on the part of eligible farmers to take TADB loans,  bolster their farming might and feed industries with quality uninterrupted raw materials.  The zonal office will serve as a cluster bureau for  Kagera, Shinyanga, Geita, Mara, Simiyu  Regions and Mwanza City.

“You appreciate the tight link between agriculture, livestock, fisheries and industries. I implore you people in the farming community to take loans from the TADB to raise productivity in your particular turfs because they are also very important in guaranteeing national food security.  Do not shy from  accessing the loans,” he appealed.

Agricultural sector, the PM said, offers over 60 per cent of the employment, contributes not less than 80 per cent of exports and contributes of 60 per cent of the raw materials to local industries.

He called on the TADB to work closely with prospective borrowers.  “I continue appealing to the TADB to work closely   with stakeholders to solve emerging challenges so that we can realise our dream of making Tanzania a middle-income industrial country.”

Deputy Agriculture Minister,  Innocent Bashungwa said as of last month the TADB had loaned out over 100 bn/- to advance objectives of the Agricultural Sector Development Programme , Phase Two.  “We are grateful; to the TADB for making members of  the farming community
 access capital, tractors and other tools and helping them  to establish agro-processing plants ,” he said.

TADB board chairman Rosebud Kurwijila said the bank opted for clustering and value chain financing approach to be able to cover many parts of the country and offer speedy services.  The approach, she said, will help the bank establish strategic agricultural parks that would be banked upon in establishing the planned big agro-industries using  dominant crops in clusters.

TADB Managing Diarector Japhet Justine reported that the state-owned bank’s capital rose to 68 bn/- up from 60bn/- offered by the government in 2015.

He said as February 28, 2019 the bank had offered 100.7bn/- in form of strategic loans, 67.5bn/- offered in eight months alone; up from 33.2bn/- that had been offered to borrowers up to June 31, 2018.  “As of February 28, this year, we had served 837,578 farmers and offered loans to promote 84 agricultural projects,” he reported.

Source: IPP Media