AfricaPress-Tanzania: THE Tanzania Agricultural Development Bank (TADB) has been advised to help loan seekers who want to invest in agriculture write good project proposals that will be acceptable to banks and other financial institutions.
The advice was given here by the Minister of State in the President’s Office, Prof Kitila Mkumbo. The minister is here after inauguration of the Katavi Regional Investment Guide.
The minister said TADB is well-place to increase investments in agriculture, livestock and fisheries sectors not only by giving loans to applicant but by helping prospective investors write good project proposals that will help them secure loans from other banks and financial institutions.
He said if many investment aspirants will secure money from many and different sources and invest the money in the three sectors the nation will benefit greatly. “We are implementing an industrialization agenda. We should think of empowering prospective investors by way of helping them write good project proposals that have appeal to lending institutions,” the minister advised.
Prof Mkumbo said the agriculture sector is the basis of advancement of local industries, explaining that raw materials that produced by the sector determine the nature and number of industries the nation can have and their sustenance.
He called on Tanzanians to shed investment fear because of having small capital. He said investment aspirants should visit TADB offices in their areas for guidance on securing loans.
TADB Managing Director Japhet Justine said bank will work seriously on the minister’s proposal in order to secure funds from different lenders and invest the money in the three sectors.
He said TADB cooperates with the CRDB Bank, NMB, Stanbic Bank and other financial institutions in providing loans to right applicants who want to invest in agriculture, adding that it is therefore wise to work on the minister’s appeal in order to get money to further promote the sector.
