NMB BANK COMMITS 20BN/- IN LOANS TO SUPPORT DEVELOPMENT OF TANZANIA'S AGRICULTURE SECTOR

NMB Bank has committed 20bn/- in loans to support development of the country’s agriculture sector reaffirming the bank’s commitment to unlock the sector’s full potential.

Speaking to journalists shortly after launching of the Government’s Building a Better Tomorrow (BBT), a Youth Initiative for Agribusiness (YIA) in Chamwino District, Dodoma Region that seeks to promote Tanzanian youth engagement in agribusiness, NMB Bank Chief of Retail Banking, Filbert Mponzi said the bank’s efforts align with the Government’s 10/30 Agenda and won’t only help in expanding economic activities in the agriculture sector but ensure food security as well.

“As a development partner, we understand the contribution of agriculture to our nation’s development that is why we have been collaborating with the Ministry of Agriculture to ensure realization of the 10/30 agenda under the theme, ‘Agriculture is Business ’. It is our belief that our efforts will help in building a competitive and inclusive agriculture sector that is characterized by improved efficiency, enhanced diversity as well as improved incomes,” Mponzi said.

Mponzi noted that soon after NMB Bank was engaged on implementation of the BBT Program, the bank’s officials came up with strategies geared towards supporting full implementation of the program by devising tailor-made products in form of loans and financial literacy.

“I take this opportunity to call upon the youth and women to embrace opportunities in the 20bn/- loans set aside by the bank to invest in the agriculture sector by visiting our branches across the country. We have already provided financial literacy to over 800 BBT program beneficiaries and we shall continue working closely with the Ministry to bring more youths on board," he added.

The Agriculture Minister, Hussein Bashe during the launch of the BBT program said his ministry had already engaged various banks operating in Tanzania to come up with a ‘matching fund’ to support the Ministry’s efforts geared towards revitalizing and unlocking the agriculture sector.

“Am glad to announce that I have already received a letter of commitment for 20bn/- that has been set aside by NMB Bank as its matching fund to support this scheme and we will continue collaborating with the bank,” Bashe said.

Bashe said the Government is fully committed to supporting youths in the agriculture sector value-chain to help them realize their full potential.

“Historically many block farms established collapsed because of lack of ownership since many were viewed as public entities and those engaged did it for leisure not business. Moving forward, all block farms have to have a sense of ownership and responsibility,” Bashe said.

On Government’s commitment to add value to Tanzania’s cashew nuts, Bashe noted that with effect from the 2026/2027 Financial budget, the country’s cashew nuts will not be sold in raw form.

“We have already made a pilot project and we have so far secured 1,000 hectares in Nanyamba district where we will build a facility to process 300,000 tonnes. Our efforts will ensure value addition of our cashew nuts. It’s a pity that some people do not engage in the day-to-day operations of the agriculture sector but make decisions on behalf of the farmers,” Bashe said.

The Government's aim is to achieve more than 10 per cent growth for the agriculture sector by 2030