TADB managing director Frank Nyabundege Dar es Salaam. The Tanzania Agricultural Development Bank (TADB) has allocated Sh450 billion for empowering youth, women and other entrepreneurs in agribusiness.
The funds will be released to the beneficiaries after the process of providing them with education on agricultural issues has been completed through council directors, regional and district commissioners.
TADB managing director Frank Nyabundege said this to reporters in Dar es Salaam yesterday, whereby he explained that the government had released Sh208 billion as the bank’s capital boost to its Sh60 billion previous capital.
“It is a huge capital to have ever been released here in the country as after being given that capital boost, we were able to be included on a list of 10 banks with huge capitals in the country, this cash capital is going to reach over 65 percent of Tanzanians,” said Mr Nyabundege.
Besides that, he said on February 12, this year, when President Samia Suluhu Hassan made a state visit to France, the government provided the bank with Sh2.6 billion from the French Development Agency (FDA) for imparting capacity building to the bank’s staff and improving the systems of the bank’s information, communication and technology (ICT).
He said President Hassan also signed a euro 80 million (Sh210 billion) contract of affordable conditions with FAD.
He explained that the cash was spent on supporting the development of the agriculture sector in the country. According to the TADB boss, the government has been in talks with the International Fund for Agricultural Development (IFAD) so that the latter could support the agriculture sector in the country as it has agreed to release $40 million (Sh92bn) for that purpose.
Mr Nyabundege also explained that the Bill & Melinda Gates Foundation has provided $7 million (Sh16.2 billion) for supporting the dairy sector in the country.
“We are proud of having president who has brought to us over Sh400 billion within one year. This shows how best she cares for Tanzanians who, a bigger percentage, have invested in the agriculture sector,” he said.
He said averagely Tanzania’s cow produces three litres of milk per day and that in order to bring more productivity TADB is expecting to buy 1,750 dairy cows of new species that will be provided to Tanzania’s citizenry. He expressed that over 22,500 Tanzanians would benefit from the money, whose part has started to be provided to them.
Mr Nyabundege noted that TADB had plans to purchase 1,750 dairy […]
