• About Us
  • Contact
Thursday, March 30, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Others

VP Mpango urges banks to increase lending to agriculture sector

by Editor
03/08/2022
in Others
0
VP Mpango urges banks to increase lending to agriculture sector
Share on FacebookShare on Twitter

The Vice President Philip Mpango has urged local banks to extend more loans to players in the agriculture sector value chain including farmers, fishers and livestock keepers so as to boost agriculture productivity across the country.

NMB’s Head of Agribusiness Isaac Masusu elaborating a point to Lumbaki SACCOs leaders in Mbeya during the bank’s financial literacy class at the ongoing agricultural trade fair ‘NaneNane’ in Mbeya. Photo / Courtesy

Speaking during the inauguration of this year’s commemoration of Farmers’ Day (Nane Nane) in Mbeya, Dr Mpango said the lenders should do more to support farming, livestock keeping and fisheries activities.

He commended banks for reducing lending rates to nine per cent but noted that banks should consider reducing the interest rates further to allow more farmers’ access finance.

“More loans should be extended to farmers, fishers and breeders so as to increase investment and productivity in order to address the challenge of unemployment in the country,” the Vice President noted in his inaugural speech.

According to him, agriculture is a key national economic activity that requires financing support with NMB Bank Plc adding that it has in the last five years provided loans amounting to over 1.56trn/-

Commenting on the investments the bank has been making in the sector, NMB Highlands Zone Manager, Stratton Chilongola, said the lending has remarkably impacted the agriculture value chain in the country.

The loans, he explained, have enabled farmers, fishers and livestock keepers to meaningfully contribute to national output (GDP) growth and overall development of the country.

Outlining the NMB agro-financing portfolio, Chilongola said the credit includes the 300bn/- that has been extended to finance cultivation of several crops this year, which are coffee, tobacco, avocadoes, paddy, soya, maize and sesame seeds.

“This year, we have set aside 20bn/- for construction of crop warehouses in villages across the country to help address the challenge of post-harvest losses. To date, we have extended loans worth TZS 6 billion for this purpose,” Chilongola noted.

Editor

Editor

Next Post
KCB acquires DR Congo bank in new expansion drive

KCB acquires DR Congo bank in new expansion drive

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Thu, 30 Mar.

Recommended

EAC partner states to pilot open skies policy to grow tourism and trade

EAC partner states to pilot open skies policy to grow tourism and trade

8 months ago
Tanzania’s inflation rises to five-year record high on increased transport

Tanzania’s inflation rises to five-year record high on increased transport

8 months ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili