Samia appeals for further interest cut on farmers loans

TANZANIA : PRESIDENT Samia Suluhu Hassan has hailed NMB Bank for its contribution to agriculture, fisheries, livestock and forestry sectors, appealing for further reduction of interest rates to help farmers’ access affordable loans.

NMB is currently lending agriculture sector including farming, fishing, livestock and forestry at interest rate of 9 per cent.

“Firstly, I thank you very much and congratulations for your efforts in the Agriculture sector. Please continue to support the government’s initiatives. If you can lower the interest rates for agricultural loans, the Tanzanian farmers benefit even more,” said Dr Samia here yesterday at the climax of Farmers Agriculture Exhibition in Mbeya Region.

She emphasised on the need for the bank to consider further reducing the interest rates on loans in these vital sectors.

She recognised the bank’s support in the Building a Better Tomorrow (BBT) programme which focuses on empowering youth and women for a better future.

She commended NMB for its care and appreciation of stakeholders in the agriculture value chain and requested the bank to continue supporting her government’s efforts.

NMB Bank’s Head of Agri Retail Department, Nsolo Mlozi told Dr Samia that the bank has already disbursed loans amounting to over 319bn/- since July 2021, with an interest rate of 9 per cent in the agriculture sector, including farming, fishing, livestock, and forestry.

“We have disbursed loans amounting to over 1.61tri/-in the Agriculture sector over the past six years. In the BBT programme we have allocated 20bn/- since March this year,” he said.

Additionally, NMB provides education and training at our Training Centres for youth and women, who are the ambassadors of this exhibition that we have sponsored with 80m/-.

“We are also collaborating with the Ministry of Agriculture to support the next phase when they transition to production,” Mlozi explained.

Mr Mlozi also mentioned that NMB has allocated 20bn/-for strategic loans, specifically for the construction of warehouses, in order to reduce challenges such as post-harvest losses or the deterioration of quality and value of crops.

He added that they have partnership with various institutions that provide power tillers, farming tools and inputs, including Agricom Africa.

A day before that, former Prime Minister of the Fourth Phase, Mizengo Pinda, also visited the booth, commending NMB for its contributions in the Agriculture sector and urging them to keep track of borrower data to monitor their progress and challenges in farming or their businesses.

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