CRDB grants 4.3 trillion shillings to agricultural sector
By the AFREEQUE newsroom, based on Jamhuri Media
Illustrative image · Josiah Matthew · Pexels · Licence PexelsTanzanian bank CRDB has granted loans worth 4.3 trillion shillings to the agricultural sector, representing 45% of loans provided by the country’s financial institutions to the sector. The contribution aims to support farmers, traders and investors, according to Maregesi Shabaan, CRDB’s head of commercial agriculture.
CRDB Bank, a Tanzanian commercial bank, has so far granted 4.3 trillion shillings in loans to the agricultural sector, representing 45% of all loans granted by the country’s financial institutions to the sector, according to Jamhuri Media. The figure was announced by Maregesi Shabaan, head of CRDB’s agriculture and trade unit, during the Horti Logistica exhibition in Arusha.
Maregesi Shabaan said CRDB was seeking to increase its investments to support agricultural production and value chains, particularly in horticulture. The bank, the main sponsor of Horti Logistica, is also bringing together farmers, investors, buyers and other sector stakeholders to develop commercial opportunities and investment, according to Jamhuri Media.
During the exhibition, CRDB is offering banking services, including deposit collection, payments and information on credit opportunities. Maregesi Shabaan stressed that cooperation between the government, financial institutions and the private sector was necessary to attract investment and strengthen the competitiveness of Tanzanian agricultural products in domestic and international markets.
According to Jamhuri Media, producers are increasingly using modern technologies to boost yields, process crops rather than sell them raw, and package products according to international market standards.
