TADB plans to loan tractors to farmers
Permanent Secretary in the ministry of Finance and Planning Dotto James (third left) cuts the ribbon to launch 10 tractors bought by the Tanzania Agricultural Development Bank Limited (TADB) in Kibaha, Coast Region over the weekend. Others from left are Permanent Secretary in the ministry of Industry, Trade and Investment Ludovick Nduhiye, Sokoine University of Agriculture Vice Chancellor Prof Raphael Chibunda, Permanent Secretary in the ministry Education, Science, Technology and Vocational Training Dr Leonard Akwilapo and National Development Corporation Director General, Prof Damian Gabagambi. PHOTO | STATE HOUSE
What you need to know:
- Acting director Japhet Justine said in Kibaha, Costal Region that so far the bank has branches in Dar es Salaam, Mwanza and Dodoma, but plans are afoot to open another branch in Mbeya.
Kibaha. The Tanzania Agricultural Development Bank Limited (TADB) will open a new branch in Mbeya as it seeks to bring its services closer to people, a senior official said on Tuesday August 2018.
Acting director Japhet Justine said in Kibaha, Costal Region that so far the bank has branches in Dar es Salaam, Mwanza and Dodoma, but plans are afoot to open another branch in Mbeya. “Ultimately, we want our services and products to be available across the country in the near future,” he said without revealing the actual date for the launch of the branch.
He advised Tanzanians to invest in agriculture and pledged to issue up to 80 per cent of loans to farmers wanting to purchase tractors.
“My bank has already dished out Sh41.1 billion since it was established and we are committed to continue supporting the farmers,” he said at Kibaha, Costal Region during a joint meeting with Permanent Secretary in the ministry of Finance and Planning, Mr Dotto James.
According to him, the major objective of the bank was to ensure that farmers succeed and transform the agricultural sector.
He said the bank has also signed an agreement with the National Development Corporation (NDC) with a view to supporting farmers wanting to buy tractors.
Mr Justine also gave an example of cotton farmers, saying that they have been faring well and that the bank has all the time been promoting modern farming methods to increase productivity. “We want to help farmers drop traditional farming practices.
We are introducing them to modern farming techniques since agriculture is an investment like any other, so we want to see investors in this sector benefiting,” he stressed.
To begin with, TADB will facilitate the purchasing of 500 tractors to farmers who have done well in cotton farming.
Mr Justine said the bank will seek partnership with commercial banks and see the possibility of fulfilling the task in a 50/50 arrangement where commercial banks will contribute 50 per cent.
He thanked the government for coming up with the Agricultural Sector Development Programme Phase Two (ASDP- II), adding that the bank will work hard to ensure that the programme objectives were fulfilled.
