Tanzania backs green farm financing

DAR ES SALAAM: Tanzania’s government on Tuesday said the future of the country’s agriculture sector depended on expanding climaTte-smart financing as rising droughts, floods and environmental degradation continue to threaten food production.

Speaking during the launch of the Tanzania Agricultural Development Bank (TADB) Green Agri-Finance Strategy in Dar es Salaam, Minister of State Vice President’s Office (Union and Environment) Eng. Hamad Masauni said agriculture remained the backbone of Tanzania’s economy, employing more than 65% of the workforce.

“The future of agriculture must be green and financially supported,” Masauni said, praising TADB for introducing a strategy aimed at supporting sustainable agricultural investment.

He said climate change had intensified challenges including drought, floods and biodiversity loss, but also created opportunities for investment in climate-smart agriculture and carbon markets.

ALSO READ: Tanzania to explore green lightning tech for farmers

Masauni said President Samia Suluhu Hassan’s government had continued to create an enabling environment for investment, technology adoption and innovation in agricultural production.

The minister added that Tanzania was positioning itself to benefit from carbon trading initiatives while strengthening resilience in the farming sector.

The government has increasingly prioritised climate financing and sustainable agriculture as part of efforts to improve food security and rural incomes.