TIB DEVT. BANK LOANS SET TO PROMOTE AGRO-INDUSTRY

Dodoma. TIB Development Bank is now eying entrepreneurs who are establishing industries for processing agricultural products,The Citizen has learnt.

This was revealed by the senior official with the bank’s agricultural unit, Mr Adam Athuman, when he recently spoke to The Citizen during the ongoing Nane Nane Agricultural Fair 2014 at Nzuguni grounds in the region.

Mr Athuman said the bank has allocated funds for loans to registered companies engaged in processing of agricultural products in a bid to increase their production capacities.  The idea is to expand oportunities for farmers since agro-industries provides a ready local market for produce that at times go to waste for lack of buyers.

He said the bank was currently not offering loans to farmers since the government was making arrangements to establish a specific bank for farmers that would cater for farmers’ loan requirements.

“The conditions for accessing our loans worth a minimum amount of Sh100 million include being a registered business with defined management which must be sustainable,” said Mr Athuman.

He added: “We also want the business to show its economic importance including creating employment opportunities as well as contributing to the national income through tax.”

According to the officer, the business owners must be able to provide for a 40 per cent of the business capital, saying the condition would enable the company to continue operating even after repaying the loan.

For her part, the bank’s Public Relations and Marketing Manager, Ms Sarah Majengo, said the bank loans were not targeting individuals.