Tanzania to invest Sh38b in agriculture sector
Business
By
Reuters
| Aug 12, 2015
Tanzania will invest $380 million (Sh38billion) over the next eight years in a new state-run agriculture bank to boost growth in the sector, which has long been stifled by low productivity and a lack of financing.
President Jakaya Kikwete launched the Tanzania Agricultural Development Bank (TADB) on Friday after the Government provided seed capital.
"Around 75 per cent of Tanzanians depend on agriculture for their livelihoods and the sector contributes to 25 per cent of our gross domestic product (GDP) and accounts for 34 per cent of the country's export earnings," he said in a statement.
The bank will help to modernise the country's agriculture sector and boost productivity by providing short, medium and long-term financing, the government said. "It will target the production of maize, rice, sugarcane, oilseeds, meat, dairy and poultry, as well as horticulture, fish farming and bee keeping, it added.
READ MORE
State to shut down 25 entities, privatise others in new reforms
Why Kenya must move fast to invest in digital rights security
State, workers' pay tensions cloud function
Why the super-rich are ditching commercial property investments
S Sudan Central Bank Governor Rallies East Africans to Invest in Juba
Co-op Bank lines up billions for women-owned SMEs after German loan deal
Construction players protest state's bid to tax mining sector
Insurance sector players to explore use of AI in deepening uptake
Sugarcane farmers accuse AFA of 'siding with cartels' as prices drop
Growing demand for housing births modern mansions in Nakuru slums
- State to shut down 25 entities, privatise others in new reforms
- Sugarcane farmers accuse AFA of 'siding with cartels' as prices drop
- Forget miraa: Discovery of minerals stirs up Meru locals
- Kenyan retailers ready to pounce as Ethiopia to open up market