TIB supports small-scale farmers 77bn/- loans

MWANZA: TIB Development Bank has provided affordable loans totalling 77.2 billion/- over the past decade and a half to support and uplift small-scale farmers.

TIB’s Manager for the Lake Zone, Mr Zacharia Kicharo, stated that the affordable loans were provided to boost agricultural output and income.

“Our goal is to uplift small and medium-income farmers, enabling them to achieve economic progress,” Mr Kicharo said over the weekend at the 19th East African Trade Exhibition held in Mwanza.

The loan repayment period ranges from 5 to 15 years, with annual interest rates of 4.0 per cent for financial companies and cooperatives and 5.0 per cent for farmers.

ALSO READ: Govt moves to address loan challenges

In 2009, the government allocated 42bn/- to the bank, which was lent to companies and other financial institutions purposely to lend farmers.

The loan amounts provided are ranging between 50m/- and 2.0bn/- for agricultural companies while for the agriculture-supported banks offered between 50m/- and 3.0bn/- annually.

The exhibition themed ‘improving investment and business environment, a driver for economic growth,’ ran for 10 days until yesterday.

The objective was to bring together traders from the East African Community to showcase their businesses and enhance their economies.

TIB, through its Lake Zone branch, serves eight regions of Mwanza, Mara, Kigoma, Tabora, Shinyanga, Geita, Kagera and Simiyu.