{"id":31981,"date":"2021-07-02T15:08:29","date_gmt":"2021-07-02T15:08:29","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=31981"},"modified":"2021-07-02T13:33:40","modified_gmt":"2021-07-02T13:33:40","slug":"tadb-agf-pact-to-spearhead-fydp-iii-execution","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution","title":{"rendered":"TADB, AGF pact to spearhead FYDP III execution"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>TANZANIA Agricultural Development Bank (TADB) has signed a Memorandum of Understanding (MoU) with African Guarantee Fund for Small and Medium-sized Enterprises (AGF) to allow the bank to disburse up to US dollars 20 million (about 46bn\/-) loans to agribusinesses in the country.<\/p>\n

The MoU, which was signed yesterday at TADB Head Office in Dar es Salaam, will enable the agri-bank to guarantee SMEs in the agri-value chain, applying directly for loans at the bank, hence spearhead the implementation of the III Five – Year Development Plan (FYDPIII).<\/p>\n

According to Commissioner for Financial Sector Development in the Ministry of Finance and Planning, Dr Charles Mwamwaja the partnership between the two institutions has come at the right time, when the country commences implementation of the FYDPIII. Launched early this week, the plan aims at increasing the country\u2019s capacity to produce, and build a competitive economy that will stimulate the country\u2019s participation in trade and investment, and stimulate human development.<\/p>\n

Speaking on behalf of Finance and Planning Minister Dr Mwigulu Nchemba at the signing ceremony, Dr Mwamwaja noted that, SMEs constitute 95 per cent of businesses in the country and contributes between 35 and 50 per cent of the country\u2019s GDP.<\/p>\n

\u201cSMEs are the backbone of growth in production, employment and innovation, it is therefore, crucial for us as we are moving at realising Vision 2025 to provide an enabling environment for agricultural SMEs in Tanzania,\u201d said Mwamwaja.<\/p>\n

He added: \u201cMost traditional banks and financial institutions require collateral of 125 up-to 150 per cent of the total loan amount an applicant is requesting. I commend TADB and AGF for this meaningful partnership that will see more agri-SMEs access more and affordable financial support, and ultimately contribute to the transformation of agriculture, the economy and lives of Tanzanians,\u201d noted the Commissioner.<\/p>\n

While access to credit is the major constraint, most SME owners prefer not to borrow due to high interest rates, lack of collateral, absence of institutions to lend their businesses and more often than not, they do not know how to go about it, he said.<\/p>\n

TADB\u2019s Managing Director, Japhet Justine, said that the partnership is a great opportunity for TADB and the agri-sector in Tanzania, as it allows room for lower interest rates and lending conditions that are affordable and friendly.<\/p>\n

\u201cWe are proud to be one of the initial institutions in the country to spearhead the FYDPIII. This deal realizes one of our roles as a Development Finance Institution in mobilizing low-cost sustainable financial resources for affordable agricultural financing and enhancing financial inclusion,\u201d said Justine.<\/p>\n

\u201cIn the new FYDPIII, the government has reiterated its commitment in promoting the private sector and non-state actor\u2019s participation in economic development. Interventions to further deepen industrialization, driven by Science Technology and Innovation (STI) capabilities for value addition in manufacturing and productive sectors including agriculture, fishing and livestock are mentioned as its top priorities,\u201d emphasised Justine<\/p>\n

\u201cOur Integrated Value-Chain Finance (ICVF) model that we have adopted also ensures that a wide-range of agri-SMEs are compatible for this loan product, as our bank aims to empower SMEs involved in the different stages of the agri-value chain, for instance inputs, infrastructure, production, storage, processing, transportation, and markets,\u201d he said.<\/p>\n

On his part, AGF Group CEO, Jules Ngankam said: \u201cAGF views TADB as a very strategic partner in achieving significant impact within the SME sector in Tanzania. TADB as a government owned DFI, has the required capacity to lend to SMEs and particularly in the critical agricultural sector.<\/p>\n

Through the MoU, AGF will consider providing individual guarantee relating to loans granted to Tanzanian agri-SMEs on a caseby-case basis. With the backing of such guarantees, TADB is proposing to disburse USD 20 million of loans to Tanzania agri-SMEs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. TANZANIA Agricultural Development Bank (TADB) has signed a Memorandum of Understanding (MoU) with African Guarantee Fund for Small and Medium-sized Enterprises (AGF) to allow the bank to disburse up to US dollars 20 million (about 46bn\/-) loans to agribusinesses in the country. The MoU, which was signed yesterday at TADB Head Office […]<\/p>\n","protected":false},"author":84,"featured_media":31980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8,16],"tags":[6990,6991,711],"class_list":["post-31981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nTADB, AGF pact to spearhead FYDP III execution - Tanzania<\/title>\n<meta name=\"description\" content=\"TANZANIA Agricultural Development Bank (TADB) has signed a Memorandum of Understanding (MoU) with African Guarantee Fund ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TADB, AGF pact to spearhead FYDP III execution\" \/>\n<meta property=\"og:description\" content=\"TANZANIA Agricultural Development Bank (TADB) has signed a Memorandum of Understanding (MoU) with African Guarantee Fund ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-02T15:08:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/07\/img-60df159e22280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"514\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"TADB, AGF pact to spearhead FYDP III execution\",\"datePublished\":\"2021-07-02T15:08:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution\"},\"wordCount\":627,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/07\/img-60df159e22280.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"community\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tadb-agf-pact-to-spearhead-fydp-iii-execution\",\"name\":\"TADB, AGF pact to spearhead FYDP III execution - 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