The Honorable William Lukuvi, Minister of State, Prime Minister’s Office (Policy, Parliament and Coordination), visited the Tanzania Agricultural Development Bank (TADB) booth at the 7th Exhibition of Empowerment Funds and Programs held at Bombadia grounds in Singida on September 10, 2024
TADB is participating in the exhibition through the Smallholder Credit Guarantee Scheme (SCGS). This fund, managed by TADB, collaborates with 19 commercial banks and financial institutions to provide credit guarantees for agricultural, livestock, and fisheries loans. The aim is to assist smallholder farmers in transitioning from subsistence to commercial farming.
At the TADB booth, Minister Lukuvi was received by the SCGS Fund Manager, Mr. George Nyamrunda. He was briefed on the fund’s progress, including loan disbursement and the number of beneficiaries. Key highlights of the briefing include:
- Partnership with Commercial Banks and Financial Institutions: How TADB collaborates with commercial banks and financial institutions to extend agricultural, livestock, and fisheries loans to the public.
- Financial and Agribusiness Education: Efforts made by TADB through the SCGS to provide financial and agribusiness education to farmers, including livestock keepers and fishers.
- Encouraging Bank Lending: Steps taken by TADB to encourage commercial banks and financial institutions to lend to the agri-sector, including specialized training on agricultural lending for bank officers.
🟢 Minister Lukuvi also had the opportunity to interact with TADB beneficiaries, learning about their experiences and the process of obtaining loans through commercial banks under the SCGS.
As of August 2024, the SCGS has guaranteed a total of Tshs. 337 billion in loans to 487,363 beneficiaries in 27 regions and 129 districts across the country.
