Tanga — TANZANIA Agricultural Development Bank (TADB) has partnered with the Ministry of Livestock and Fisheries to provide 14 modern fibre fishing boats worth 1.2bn/- to Tanga fishermen.
TADB Finance Director, Dr Kaanael Nnko said here yesterday that the 14 fibre fishing boats are part of a large nationwide transformational strategy targeting beneficiaries from Fishing Cooperative Organisations (FICOs), women and youth community groups (CBOs), individuals and companies engaged in fishing activities.
"In this first phase of the project 160 boats valued 11.09bn/- will be provided to fishers across the country. The boats come in different sizes, ranging from five metres to fourteen metres," she said.
The Minister for Livestock and Fisheries Abdallah Ulega said at the handing over event that the TADB partnership with his ministry has been crucial in enhancing access to credit for sustainable fisheries projects.
He revealed that through the project in this year alone, TADB has been provided with total of 25.17bn/- that will be lent at zero per cent interest to different beneficiaries in the sector.
Equipment to be provided includes modern fibre fishing boats, boats for sea weed farmers and tools to promote aquaculture.
"I am thankful to President Samia Suluhu Hassan whose efforts to improve the country's economy have continued to bear fruits.
"It is through this government that for the first time in the fisheries sector we have loans with absolutely zero per cent interest rate. It has never happened before," he said.
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Mr Ulega hailed TADB management for its precision to act accordingly and in collaboration with the Ministry effortlessly.
TADB's collaboration is deemed strategic to revitalise the fisheries sector to enhance key players undertake more profitable and sustainable investments in the sector.
Mr Ulega reiterated that the loans provided are part of the government's firm resolve to transform fisheries in the country through the Blue Economy initiative.
"The government will continue to work with all key stakeholders in implementing its mandate, to ensure the availability of adequate tools, resources, financing and technical expertise contributing to livestock and fisheries sub-sector transformation in the country," he said.
One of the project beneficiaries, Mr Khamisi Suleimani said that the support will enable their cooperative to conduct fishing activities and be able to access deep waters in order to increase productivity.
"I would like to assure you that we will now engage in more focused fishing activities, knowing the importance of repaying these loans on time so that others can also benefit from this assistance.
