Nchemba reiterates agriculture commitment as TADB expands to northern zone
Minister for Finance Mwigulu Nchemba shakes hands with the Tanzania Agricultural Development Bank's (TADB) managing director, Frank Nyabundege (right), as the bank’s chairman, Ishmael Kasekwa, looks on during the launch of the bank’s northern zone office in Arusha December 13, 2023. PHOTO|COURTESY
What you need to know:
- He says it is the government’s plans to ensure timely and affordable availability of agricultural inputs and support markets for agricultural produce both locally and internationally
The government has reiterated its commitment to accelerate agriculture financing in efforts to unlock the potential of the sector for the economy.
The minister for Finance Mwigulu Nchemba, made the comment yesterday as he opened a new office of the Tanzania Agricultural Development Bank (TADB) for the Northern Zone.
The office located in Arusha city is part of the bank’s expansion for financial inclusion and makes preferential loans easily available for farmers, livestock keepers and fishermen in the regions of Arusha, Kilimanjaro, Tanga and Manyara.
During the office-launching event, Dr Nchemba said the government recognises the role of the agriculture sector in the economy.
"The government recognises the vast importance of the sector and continues to give top priority to agriculture as a sure means to raise the country’s GDP and standards of living for individuals, to strengthen food security, to create jobs,” he said.
It is the government’s plans to ensure timely and affordable availability of agricultural inputs and support markets for agricultural produce both locally and internationally.
"I want to assure the TADB board and management about the implementation of the recent declaration I made in Parliament, whereby I announced the government’s intention to give TADB and Tanzania Investment Bank (TIB) additional working capital of Sh235.9 billion to boost the availability of loans for private sector projects,” he said.
Dr Nchemba added that the government will continue to inject additional Sh1 trillion over a period of five to ten years to enable banks to increase their loan offerings to agriculture.
TADB managing director, Mr Frank Nyabundege, revealed that until November 2023, the bank loan portfolio had grown to Sh600.7 billion.
TADB now has seven zonal offices, namely: Mwanza’s Lake Zone office serving Mwanza, Kagera, Mara, Shinyanga, Geita and Simiyu regions; Mbeya’s Southern Highlands Zone office serving Mebya, Songwe, Iringa, Njombe and Rukwa regions; Dar’s Eastern Zone office serving Dar es Salaam, Coast and Morogoro regions; and Tabora’s Western Zone office serving Tabora, Katavi and Kigoma regions.
Dodoma's central zone office serves Dodoma and Singida regions, while Mtwara’s southern zone office serves Mtwara, Lindi and Ruvuma regions.
"We have also acquired an office in Zanzibar, awaiting approval from the central bank before we can expand modern services to Zanzibar,” said Mr Nyabundege.
