RELIEF AS TANZANIA AGRICULTURAL DEVELOPMENT BANK GETS SH210 BILLION FROM GOVERNMENT "Credit News 24"
In Summary
The amount was issued during the Memorandum of Understanding (MoU) signing ceremonies held at the Ministry of Finance and Planning. The ministry's Deputy Permanent Secretary, Mr Khatibu Kazungu, said they had sourced the cash from the African Development Bank in form of a soft loan.
Dar es Salaam. The government has on Monday given Sh209.5 billion to Tanzania Agricultural Development Bank (TADB) to increase the bank's capacity in lending.
The amount was issued during the Memorandum of Understanding (MoU) signing ceremonies held at the Ministry of Finance and Planning. The ministry's Deputy Permanent Secretary, Mr Khatibu Kazungu, said they had sourced the cash from the African Development Bank in form of a soft loan.
"We have received a soft loan at an interest rate of 0.75 per cent so as to support the development of the agricultural sector through increasing loans to farmers," noted Dr Kazungu.
The loan from the African Development Bank will have to be paid in 40 years, with the first 10 years being a grace period.
The TADB Acting Managing Director, Mr Francis Assenga, commended the government's support, saying it would prompt the bank to start issuing middle and long term loans to its clients.
Currently due to the capital challenge, according to him, the bank issues only short term loans to its customers at an interest rate of between eight and 12 per cents.
Since the bank’s establishment in the late 2015, Mr Assenga noted, about 3,700 customers have accessed loans from the bank.
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