African Development Bank approves $66 million loan to strengthen the capital base of the Tanzania Agricultural Development Bank

by MMC
0 comment

The African Development Bank Group (www.AfDB.org) The board approved a $66 million loan to the Tanzanian government for additional capital in the Tanzania Agricultural Development Bank (TADB). The financing will enable TADB to strengthen its capital and improve the structure and efficiency of the financial and non-financial services it offers to entrepreneurs in the agricultural sector and related value chains.

The Tanzania Agricultural Development Bank Phase II project will also receive $950,000 in technical assistance from the Affirmative Finance Action for Women in Africa (AFAWA) initiative to strengthen access to finance and related support for women in supply chains. of identified agricultural value. An additional $250,000 in technical assistance will come from the Africa Adaptation Acceleration Program (AAAP), a joint initiative of the African Development Bank and the Global Adaptation Center (GCA). This will serve to support climate risk management and help TADB assess the climate risk profile of its portfolio and develop the tools, methodologies and capabilities necessary to integrate climate-resilient lending practices.

The project, approved on December 5, is expected to strengthen inclusive access to finance in the agricultural sector, improve yields and productivity, increase household incomes and create jobs, thereby contributing to widespread economic growth in Tanzania.

Acting Bank Group Director for Financial Sector Development, Ahmed Rashad Attout, said: “We are delighted to finalize this second intervention with the Government of Tanzania to support the consolidation and expansion of TABD operations and support the transformation of the Tanzanian agricultural sector.

Bank Group Managing Director for East Africa, Nnenna Nwabufo, added: “Through this intervention, the African Development Bank reiterates its commitment to supporting the efficiency and competitiveness of agricultural businesses, l expansion of agricultural value chains and strengthening financing of the agricultural sector, with increased efficiency and competitiveness of agricultural businesses. support for women entrepreneurs in this sector.

Distributed by APO Group for the African Development Bank (AfDB) Group.

Media Contact:
Romaric Ollo Hien
Department of Communication and External Relations
African development bank
E-mail: media@afdb.org

Technical contacts:
Grace Kyokunda
Director of Investments
Department of Financial Sector Development

Mkola Tambwe
Senior Investment Officer
Department of Financial Sector Development

About TADB:
The Tanzania Agricultural Development Bank Limited is a public development finance institution established under the Companies Act no. 2 of 2002 and a key player in the development and envisaged revolution of the agricultural sector. Its key role is to serve as a catalyst for the provision of credit facilities for agricultural development in Tanzania. Its creation is one of the key initiatives and national objectives included in Vision 2025 to achieve food self-sufficiency and food security, economic development and poverty reduction.

About the African Development Bank Group:
The African Development Bank Group (AfDB) is the leading development finance institution in Africa. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With national offices in 34 African countries and a field office in Japan, the AfDB contributes to the economic development and social progress of all of its 54 regional member states in Africa. For more information: www.AfDB.org

You may also like

Leave a Comment

afriqaa (1)

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent’s latest developments. Covering everything from politics and economics to culture and wildlife conservation

u00a92022 All Right Reserved. Designed and Developed by PenciDesign