TADB’s role in agro industries underscored

DAR ES SALAAM: DEPUTY Prime Minister and Minister for Energy Dr Doto Biteko said that the government through the Tanzania Agricultural Development Bank (TADB) has issued loans totaling 108.43bn/- to support the establishment and development of industries for adding value to agricultural produce and livestock.

Dr Biteko made the remarks over the weekend, when opening the forum for stakeholders in Micro, Small and Medium Enterprises (MSMEs) in Dar es Salaam.

“A total of 38bn/- were given to support investments in industries for value addition and 70.4bn/- to facilitate the operation of those industries,” Dr Biteko asserted.

“The investments have continued to ensure reliable markets for farmers, breeders and fishermen in the country,” he added. In line with this, he said in financial year 2023/24, the government through the National Entrepreneurship Development Fund (NEDF) run by the Small Industries Development Organisation (Sido) was able to provide a total of 956 loans amounting to 2.3bn/- at an interest rate of 9 per cent.

Also read: Agriculture remains most attractive to lenders

“51 per cent of the loans were granted to women and 28 per cent was given to rural projects,” he added. In a related development, he said the government will continue to cooperate with MSMEs to improve, promote and develop emerging businesses for the development of the country’s economy.

Moreover, he said, the MSMEs account for the majority of businesses worldwide are important contributors to job creation and global economic development.

“Statistics show that 90 per cent of all businesses in the world are MSMEs, which contribute more than 50 per cent of job creation and contribute up to 40 per cent of national income (GDP) in emerging economies,” he said.

“These numbers are significantly higher when informal MSMEs are included.” “Together, let’s share opportunities, and how to deal with challenges and plan better strategies for the sustainable development of our economy,” Dr Biteko emphasised.

On his side, Deputy Minister for Industry and Trade, Exaud Kigahe said the government will keep on creating good climate for the MSMEs to prosper and contribute to the national income.

“The government recognises the significant role played by MSMEs in the nation’s economy,” he stressed.

“The government has instructed SIDO to extend its outreach to districts and divisions to educate and train entrepreneurs, as well as provide technology for processing raw materials.”

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