Tanzania’s commercial NMB Bank has recently announced its commitment to uplifting the economic welfare of agricultural stakeholders by providing significant loans for strategic investment within the agriculture value chain.
During his visit to the ongoing Nanenane farmers’ exhibition in Mbeya Region, the Bank’s Highlands Zone Manager, Straton Chilongola made the remarks when briefing Prime Minister Kassim Majaliwa.
He said, By demonstrating our determination to boost the economic welfare of agricultural stakeholders, NMB is the first bank in the country to not only provide substantial loans but also lower interest rates for agriculture, fishing, and livestock sectors to nine percent.
He appraised the government for putting enabling environment in the agriculture, fishing, and livestock sectors.
He reiterated NMB’s dedication to uplifting agricultural stakeholders by not only providing significant loan amounts but also by lowering interest rates to nine percent for loans ranging from 200,000/-to 1bn/- for individuals, groups, institutions, organizations, and Cooperative Farmers; Association (AMCOS).
Mr. Chilongola said these loans cater to individuals, groups, institutions, organizations, and AMCOS. “Within the past two years, NMB has allocated 20bn/- for the construction of rural warehouses to combat post-harvest losses and crop damage. Already, more than 7bn/- of these funds have been disbursed this year alone,” he added.
He, in addition, revealed that another 20bn/- have been allocated to support the BBT programme, and discussions with the Ministry of Agriculture are ongoing to finalize this initiative.
Mr. Chilongola congratulated the farmers of Mbeya for opening over 87,044 accounts, out of the 644,034 accounts opened by farmers nationwide within the past two years. These accounts provide support for avocado, coffee, rice, and maize farming.
He was informed that the bank had allotted 40bn including 20bn for BBT support loans and another 20bn for the construction of warehouses to combat post-harvest losses and crop damage.
Prior to that, Prof. Riziki Shemdoe, the Permanent Secretary in the Ministry of Fisheries and Livestock, asked the bank to use the exhibition to educate and train farmers and livestock keepers. This program intends to aid the government’s efforts to settle disputes in these vital industries.
The government values the empowerment of farmers, livestock owners, and fishers, Prof. Shemdoe emphasized. Therefore, it is essential to broaden the scope of instructional initiatives, such as correct cattle feeding procedures, which he described as a way to resolve disputes over grazing space.