TADB gets accepted into SADC DFIs networks
What you need to know:
Tanzania Agricultural Development Bank Ltd (TADB) gets accepted into SADC Development Financial Institutions (SADC - DFIs) Network which membership currently comprises 37 development finance institutions from 14 SADC countries.
TADB is designed to address the national goals enshrined in the Tanzania Vision 2025. So as to specifically facilitate attainment of food self-sufficiency and food security, transformation of agriculture from subsistence to commercial, and bringing about economic development and poverty reduction that joining the network assures Tanzania’s participation in SADC's goals of economic growth and sustainable development through Industrialization Strategy and Roadmap.
Tanzania Agricultural Development Bank Ltd (TADB) has been officially consented as the new SADC Development Financial Institutions (SADC - DFIs) network member as of July 07, 2017.
The Tanzanian State-owned Development Finance Institution (DFI) on agriculture, was established to catalyze delivery of finance and related non-finance services, and facilities to the agricultural sector in Tanzania, has now joined the network to utilize and contributing to SADC's goals of economic growth and sustainable development among the member states.
The SADC DFI Network membership currently comprises 37 development finance institutions from 14 SADC countries.
Speaking on the event that took place at Double Tree Hotel in Dar es Salaam yesterday, the acting Managing Director of the Bank, Mr. Francis Assenga said that his Bank is designed to address the national goals enshrined in the Tanzania Vision 2025. So as to specifically facilitate attainment of food self-sufficiency and food security, transformation of agriculture from subsistence to commercial, and bringing about economic development and poverty reduction that joining the network assures Tanzania’s participation in SADC's goals of economic growth and sustainable development through Industrialization Strategy and Roadmap.
Mr. Assenga said that at its Extra-Ordinary Summit, held on 29 April 2015, in Harare, Zimbabwe, the SADC Heads of State and Government adopted the SADC Industrialization Strategy and Roadmap 2015 – 2063.
“TADB needs to be part of the Industrialization Strategy that was developed as an inclusive long-term modernization and economic transformation scheme, which enables substantive and continuous raising of living standards, intensifying structural change and stimulating a rapid catch up of the SADC countries with industrializing and developed countries,” he said.
On his side the Chief Executive Officer for Southern African Development Community - Development Finance Resource Center (SADC- DFRC), Mr. Stuart Kufeni said that, joining of TADB will fulfill Strategy targets that outlines that of the need to link national and regional priorities as well as coordination of industrial policies towards convergence in the medium to long term as a way to ensure that all Member States benefit from their SADC membership.
Mr. Kufeni said that the Strategy sets out three potential growth paths, which are agro-processing; mineral beneficiation, downstream processing, industry and service driven value chains. He added that the paths are mutually supporting and inclusive, encompassing the combination of downstream value addition and backward integration of the upstream provision of inputs, intermediate items and capital goods.
“A key focus of the SADC strategy is to develop targeted and selected industrial policies that create conditions that will enable higher rates of investment by the public and private sectors into economic infrastructure, which in turn will enable crucial sectors of the economy, particularly value-adding manufacturing, to grow,” Mr. Kufeni said.
