AfDB pledges to offer a Tanzanian bank a 60m US dollar grant

WASHINGTON: THE  African Development Bank (AfDB) has pledged to provide a total of 60m US dollars to the Tanzania Agricultural Development Bank (TADB) in 2026 to enhance its capital base further.

This was disclosed by the Managing Director of TADB,  Frank Nyabundege, at the Embassy of Tanzania on the sidelines of the Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Washington, D.C., United States.

The Tanzania delegation at the event was led by the Permanent Secretary in the Ministry of Finance, Dr Natu El-maamry Mwamba, who also handed over the TADB 10 Years Impact Report to the Executive Director of the African Development Bank (AfDB), Ronald Justin Cafrine.

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AfDB is a key partner of Tanzania’s government. Through the bank, Tanzania’s Agricultural Development Bank (TADB) received a total of 382bn/- between 2021 and 2024 to strengthen its capital base. This contribution has significantly boosted the growth of the agricultural sector and the national economy.

The African Development Bank Group Ten-Year Strategy 2024-2033 is based on a positive outlook regarding Africa’s potential to significantly improve its societies, economies, and the quality of life for its people.

Africa has experienced a prolonged period of economic growth over the last two decades, which has consistently enhanced living standards across the continent. Over the next decade, Africa can create sustained growth, drive transformation, and contribute towards critical global solutions.

Its progress will be driven by its unique assets: a young and dynamic workforce, growing urban consumer markets, integration of national economies, substantial clean energy potential, and extensive natural resource wealth.