Tanzania Secures $66 Mln Loan from African Development Bank

The African Development Bank has approved a $66 million loan for the government of Tanzania to support the agriculture sector.

According to a statement from the African Development Bank, this financing will enhance financial and non-financial services for agricultural entrepreneurs and value chains.

The African Development Bank expects the loan to promote comprehensive access to financing in the agriculture sector, improve productivity, increase farmers' incomes, create job opportunities, and contribute to broad-based economic growth in Tanzania.

Nina Ndabuvo, the General Manager of the East Africa Regional Office of the Bank, emphasized that through this loan, the African Development Bank reaffirms its commitment to supporting the efficiency and competitiveness of agricultural institutions, expanding agricultural value chains, and enhancing agricultural sector financing, while also empowering and supporting women entrepreneurs in this sector.