Posted on May, 3, 2019 at 09:52 am
Dar es Salaam — The Tanzania Agricultural Development Bank (TADB) and Southern Agricultural Growth Corridor of Tanzania - Catalytic Fund (Sagcot-CTF) have signed a memorandum of understanding (MoU) that seeks to enable farmers' to access to loans to boost their agricultural undertakings.
The TADB director of planning, research and policy, Dr Nyankono Marwa, and the the Sagcot-CTF executive secretary, Dr John Kyaruzi, signed the documents on behalf of their two organisations.
Dr Marwa said after the signing that the agreement would, among other things, help to address the challenges farmers have been facing including that they used to get loans with exorbitant interest rates.
TADB was committed to the growth and development of agriculture. He said the bank has an obligation to ensure that farmers were empowered with loans to better their farming activities. Farmers need to transform their lives through agriculture.
Dr Kyaruzi described the agreement as healthy for the growth and development of agriculture sector in Tanzania. "Everyone will agree with me that farmers were,m, for a long time, facing a number of challenges including that of securing loans. With this agreement, the sector will move forward and have an impact to farmers." He commended TADB for interaction with key stakeholders in the sector, saying that the MoU with Sagcot-CTF would be fruitful for farmers at all levels.
"As a catalytic fund, we are duty bond in facilitating available of reliable markets for farmers and put in place an enabling infrastructure," he said, noting that Sagcot-CTF and TADB have something in common.
TADB has of recent months have visiting different stakeholders including farmers with view to improving the performance and contribution of the sector in economy.
Source: The Citizen