Tanzania ramps up TADB agriculture lending
DAR ES SALAAM: Tanzania’s government has injected hundreds of billions of shillings into the state-owned Tanzania Agricultural Development Bank (TADB) as part of a broader push to expand financing for agriculture and strengthen food security, the bank’s managing director said on Tuesday. TADB Managing Director Frank Nyabundege said the bank had received 392 billion Tanzanian … The post Tanzania ramps up TADB agriculture lending first appeared on Daily News. The post Tanzania ramps up TADB agriculture lending appeared first on Daily News.
Black News 
DAR ES SALAAM: Tanzania’s government has injected hundreds of billions of shillings into the state-owned Tanzania Agricultural Development Bank (TADB) as part of a broader push to expand financing for agriculture and strengthen food security, the bank’s managing director said on Tuesday.
TADB Managing Director Frank Nyabundege said the bank had received 392 billion Tanzanian shillings in capital from President Samia Suluhu Hassan’s administration since she took office, sharply increasing the lender’s ability to finance farmers and agribusinesses.
“When the president came into office, the bank had capital of only 60 billion shillings,” Nyabundege said at an event in Dodoma. “In a short period, the government has increased that significantly.”
He added that Tanzania had also secured more than 500 billion shillings in external borrowing from development partners and donors, including France’s Agence Française de Développement (AFD), the African Development Bank, IFAD, JICA and the Gates Foundation.
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Nyabundege said AFD alone had provided about 80 million euros ($87 million) in financing in 2022.
The TADB chief said the bank had disbursed loans worth approximately 1.2 trillion shillings over the last decade, with nearly 89% released during the current administration.
He also credited a 1 trillion shilling central bank stimulus package and subsidized lending rates for helping expand agricultural credit. According to Nyabundege, agriculture’s share of total lending in Tanzania rose from 7.7% to 13.2% last year.
Tanzania has prioritised agricultural financing as it seeks to transform subsistence farming into commercial production, improve food security and reduce rural poverty.
The post Tanzania ramps up TADB agriculture lending first appeared on Daily News.
The post Tanzania ramps up TADB agriculture lending appeared first on Daily News.
