EADB, TADB ink 50bn/- financing agreement to enable Tanzanian farmers acquire affordable loans

DAR ES SALAAM: THE East African Development Bank (EADB) has signed a 50bn/- financing agreement with the Tanzania Agricultural Development Bank (TADB) to expand access to affordable loans for smallholder farmers across the country.

EADB Director General Bernard Mono said the partnership is expected to enable more farmers to access financing through TADB, which has an established network for reaching smallholder farmers.

Speaking during the launch of a special financing window for smallholder farmers and small businesses in agricultural, livestock and fisheries value chains, Mr Mono said the agreement was expected to benefit more than 1,000 farmers.

Elaborating, the Director General said the financing will help farmers increase production, contributing to food security in Tanzania while supporting surplus production for export to markets across the region.

“We are so happy to be here today. This partnership will broaden EADB’s outreach to farmers, particularly through TADB’s established channels across the country,” he noted.

According to Mr Mono, agriculture, agro-processing and rural financing are among the key areas of focus in EADB’s current strategic plan, making the partnership with TADB important in advancing the bank’s objectives.

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Moreover, he said that the 50bn/- facility is only the beginning, expressing the bank’s intention to deepen and broaden its collaboration with TADB to reach more farmers and support the wider private sector in Tanzania.

He also stated that the partnership is expected to be long-term, extending beyond the tenure of the current leadership of both institutions.

He said the collaboration also reflected the founding vision of EADB, which was established to work closely with national development institutions in member states.

EADB, a regional development bank owned by Tanzania, Kenya, Uganda and Rwanda, is headquartered in Kampala, Uganda, and has a country office in Dar es Salaam.

Mr Mono said the bank will continue working with national development finance institutions to expand access to financing and support economic development across the region.