PM urges TADB to expand financing for farmers
DODOMA: PRIME Minister Dr Mwigulu Nchemba has challenged the Tanzania Agricultural Development Bank (TADB) to increase its lending capacity and reach more farmers, livestock keepers and fishers with affordable financing to accelerate transformation of the agricultural sector.
Dr Nchemba said expanding access to capital was critical to unlocking the potential of agriculture, livestock and fisheries, noting that producers require reliable financing to invest in modern inputs, technology, value addition and improved production systems.
The Prime Minister made the remarks after visiting TADB’s pavilion at the ongoing Nanenane exhibitions at John Malecela Grounds in Nzuguni, Dodoma, where he commended the bank for supporting strategic projects aimed at strengthening the country’s agricultural economy.
According to him, a stronger TADB with a larger capital base would enable more producers to access loans for farm inputs, fertilisers, modern machinery and value addition initiatives.
“We need a TADB with a bigger capital base so that it can meet the growing needs of the agricultural sector, finance access to farm inputs, fertilisers, modern machinery and value addition projects. This is the path towards building a productive and competitive agricultural sector,” Dr Nchemba said.
He said increased financing would help farmers, livestock keepers and fishers improve productivity, strengthen food security and contribute more to economic growth while reducing reliance on government support.
The Prime Minister also directed TADB to strengthen cooperation with the Ministries responsible for Agriculture, Livestock and Fisheries, as well as the President’s Office, Regional Administration and Local Government (TAMISEMI), to invest in post-harvest infrastructure, particularly modern storage facilities.
He mentioned that better storage systems would strengthen the Warehouse Receipt System by allowing farmers to preserve their produce and use it as collateral when seeking loans.
Responding to the call, TADB Managing Director Frank Nyabundege said the bank was committed to financing projects capable of transforming agriculture, livestock and fisheries through increased productivity and value addition.
He noted that TADB had so far invested more than 700bn/- in supporting irrigation projects, while also financing commercial crop production, including coffee farming through cooperative unions in Kagera and Kigoma regions.
Nyabundege added that the bank had supported a modern fish farming and processing project in Bagamoyo that uses Egyptian technology and has a storage capacity of up to 90 tonnes of fish per month.
He said such investments were helping increase production, create employment opportunities, conserve natural resources and improve Tanzania’s competitiveness in local and international markets.
“The projects we support are designed to increase productivity, reduce dependence on imports, save foreign exchange and strengthen the contribution of agriculture, livestock and fisheries to the national economy,” he observed.
Nyabundege said TADB’s pavilion at Nanenane had attracted farmers, entrepreneurs and other stakeholders interested in learning about financing opportunities available across the agricultural value chain.
