NMB Bank has said it is committed to uplifting economic welfare of agricultural stakeholders by providing significant loans for strategic investment within agriculture value chain.
NMB Bank's Highlands Zone Manager, Straton Chilongola made the remarks when briefing Prime Minister Kassim Majaliwa during his visit to the ongoing Nanenane farmers' exhibition in Mbeya Region recently.
"By demonstrating our determination to boost the economic welfare of agricultural stakeholders, NMB is the first bank in the country to not only provide substantial loans but also lower interest rates for agriculture, fishing, and livestock sectors to nine per cent.
He lauded the government for putting enabling environment in agriculture, fishing, and livestock sectors.
He affirmed the commitment of NMB to uplift agricultural stakeholders by not only providing significant loan amounts but also by lowering interest rates to nine per cent for loans ranging from 200,000/- to 1bn/- for individuals, groups, institutions, organisations, and Cooperative Farmers' Associations (AMCOS).
These loans cater to individuals, groups, institutions, organisations, and AMCOS," he said.
"Within the past two years, NMB has allocated 20bn/- for the construction of rural warehouses to combat post-harvest losses and crop damage.
Already, more than 7bn/- of these funds have been disbursed this year alone," he said.
Mr Chilongola further highlighted that another 20bn/- has been allocated to support the BBT programme and discussions with the Ministry of Agriculture are ongoing to finalise this initiative.
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He also congratulated the farmers of Mbeya for opening over 87,044 accounts, out of the 644,034 accounts opened by farmers nationwide within the past two years. These accounts provide support for avocado, coffee, rice, and maize farming.
He was informed that the bank had allocated 40bn/- including 20bn/- for BBT support loans and another 20bn/- for the construction of warehouses to combat post-harvest losses and crop damage.
Earlier, the Permanent Secretary in the Ministry of Fisheries and Livestock, Prof Riziki Shemdoe requested the bank to utilise the exhibition to provide education and practical training to farmers and livestock keepers.
This initiative aims to support the government's efforts in resolving conflicts within these strategic sectors.
Prof Shemdoe emphasised that the government values NMB's empowerment of farmers, livestock keepers, and fishermen.
Therefore, it is necessary to expand the reach of educational programmes, including proper livestock feeding practices, which he referred to as a solution to conflicts over grazing land.
