Tanzania Agriculture Development Bank (TaDB) will launch new branches in Dodoma and Mwanza later this year as the financial institution strives to expand its network coverage to help boost the country’s economy.
The Deputy minister for Finance and Planning, Dr Ashatu Kijaji says TaDB would set its new branch in Dodoma this year bringing service closer to central regions, Singida, Tabora, Dodoma and Iringa. “The plan is to ensure the bank is more accessible to all farmers across the country,” she said in Dodoma yesterday.
TaDB five-year development plan 2016/17-2020/21 shows the Dar es Salaam based institution targets to issue loans to at least 1 million farmers, thereby increasing chances for the country to realise its Development Vision 2025.
There were no additional details from the government regarding the establishment of two new centres. Observers however, welcomed the decision as vital for the sustainability of agriculture sector. The state-owned development finance institution established to deliver short, medium and long-term credit facilities for development of agriculture in Tanzania signed a 209.5bn/- deal with the central government to help develop agricultural and livestock sector in the country.
TaDB Director of Planning, Research and Policy, Mr Francis Assenga was recently quoted as saying the bank is planning a 7 and 12 per cent interest rate loan scheme for small, medium and large scale farmers.
The Director said the scheme is set to benefit those without access to credit facility due to lack of collateral.
“The aim is to support the Second National Development Plan 2016-2021 of the Tanzanian Government which aims at industrialising the country by targeting agro-processing as a priority,” he explained.