The Tanzania Agricultural Development Bank (TADB) will be launched soon after several years of structuring.
TADB’s Director of Economic Research, Dr. Joseph Massawe, announced to reporters this weekend that the bank has selected a Board and is in the process of hiring a CEO.
The TADB aims to enhance growth in the agriculture sector by offering loans and credit finance deals to farmers, many of whom do not have access to financial services.
In a past interview with Tanzania Invest, Felix Mosha, chairman of TADB stated, “We have established that for a long time, agriculture has been receiving just about 10 percent of the total loans disbursed by commercial banks to the private sector. This is too little for a sector that is claimed to be the economic mainstay.”
In addition to directly assisting farmers, the bank will also have an advisory committee that will work with the government on increasing Tanzanian exports by establishing more Export Processing Zones where goods are processed and ferried directly to the port.
