Arusha, 12 December, 2023 The Minister for Finance Dr. Mwigulu Nchemba has inaugurated Tanzania Agricultural Development Bank’s (TADB) Northern Zone Office in Arusha, aiming to expand financial inclusion and availability of preferential loans for farmers, livestock keepers, and fisheries in Arusha, Kilimanjaro, Tanga and Manyara regions.
Presiding at the launch, the Minister hailed TADB for the good work done in the development of agriculture, livestock, and fisheries sectors and for expanding financial inclusion in the country.
“The government recognizes the vast importance of these sectors, and continues to give top priority to agriculture as a sure means to raise the country’s GDP and standards of living of individuals, to strengthen food security, to create jobs by taking active steps to ensure timely and affordable availability of agricultural inputs and to support markets for agricultural produce both locally and internationally,” he said.
He called on the residents of Arusha, Kilimanjaro, Tanga, and Manyara regions to actively utilize the services offered by TADB’s Northern Zone office by applying for loans and utilizing the financial services correctly to improve their projects and pay back the loans on time.
He also advised the bank’s staff and management to offer customer-friendly loan terms and to provide adequate financial education and project visits to support efficient delivery of services to farmers, fishers, and livestock keepers.
Speaking at the event, the Managing Director of TADB, Mr Frank Nyabundege revealed that until November 2023, the bank loan portfolio had grown to TZS 600.7 Billion whereby TZS 18.18 bn was disbursed to Tanga region, TZS 7.9 bn to Arusha, TZS 3.2 bn to Kilimanjaro and Tzs 3.1 bn was issued to Manyara farmers.
The Managing Director also thanked the sixth phase government led by H.E. Dr. Samia Suluhu Hassan, for supporting agricultural transformation by increasing TADBs capital to TZS 268 bn and through other strategic capital injection projects aimed at increasing availability of low-interest loans to the agriculture, livestock, and fisheries sectors.
TADB now boasts seven zonal offices; namely Lake Zone office in Mwanza serving Kagera, Mara, Shinyanga, Geita, and Simiyu regions; the Southern Highlands Zone office in Mbeya serving Songwe, Iringa, Njombe, and Rukwa; Eastern Zone office in Dar es salaam serving Coast and Morogoro; Western Zone office in Tabora serving Katavi and Kigoma regions.
The government launched TADB Bank in 2015 with two main goals facilitating food self-sufficiency and security in the country and supporting agriculture transformation from subsistence farming to commercial farming.
