TADB Flags Second Place among SADC Development Finance Institutions

Mahe, Seychelles – June 28, 2024: The Tanzania Agricultural Development Bank (TADB) has achieved an impressive milestone by being ranked the second among thirteen Development Finance Institutions (DFIs) in the Southern African Development Community (SADC).

TADB participated in the 2022 Prudential Standard Guidelines and Rating System (PSGRS) assessment for Development Banks and Finance Institutions in Africa.

This prestigious recognition underscores TADB's unwavering commitment to governance, financial prudential standards, and operational excellence within the African DFI landscape.

The announcement was made during the SADC-DFI’s sub-committee meeting held on June 28, 2024, at the Savoy Seychelles Resort in Mahe, Seychelles. This meeting marked the culmination of the 13th Peer Review and Rating of African DFIs, encompassing a comprehensive assessment of thirty-four (34) DFIs across Africa, thirteen (13) of which are members of the SADC DFI network.

The PSGRS assessment process involved a rigorous self-assessment by participating institutions using PSGRS tools. External auditors then validated the findings before submission to the Association of African Development Finance Institutions (AADFI) secretariat for independent evaluation, resulting in the PSGRS compliance index.

TADB achieved a commendable score of 91% in the PSGRS compliance index, securing the second position among SADC DFIs. Leading the rankings was Gapi-Sociedade de Investimentos from Mozambique, with a 92% compliance score.

Other notable participants included the Banco de Desenvolvimento de Angola, Botswana Savings Bank, Development Bank of Namibia, Development Bank of Seychelles, Development Bank of Southern Africa and Industrial Development Corporation SA, Eswatini Development Finance Corporation, Export Development Fund (Malawi), Infrastructure Development Bank of Zimbabwe, Small and Medium Enterprise Development Corporation (Zimbabwe), and TIB Development Bank (Tanzania).

The PGRS for Development Banks and Finance Institutions was developed by the Association of African Development Finance Institutions (AADFI) in collaboration with the African Development Bank (ADB).

The PSGRS assessment not only evaluates institutional strengths and areas for improvement but also acts as a crucial metric for international credit ratings and improving access to capital markets.

Expressing his enthusiasm about TADB's ranking, TADB's Managing Director, Mr. Frank Nyabundege, highlighted that strong governance practices, strategic financial management, and government support aimed at increasing lending in the agricultural sector were pivotal factors contributing to the institution’s success.

He stated, "We are grateful to the 6th regime under the leadership of Her Excellency President Samia Suluhu Hassan. TADB remains dedicated to its mission, aiming to achieve sustainable transformation in Tanzania’s agricultural sector and enhance food self-sufficiency."