Billions to go into agriculture-CRDB
CRDB has ascertained its will to “…continue pouring billions of shillings into the agricultural sector through loans …” in recognition of the sector employing up to 77 per cent of Tanzanians.
The assertion was made on Saturday by Dr Charles Kimei the CRDB managing director during the shareholders’ annual general meeting, promising: “…despite the many challenges confronting the farming sector in Tanzania, CRDB will continue to support it.”
The sector has experienced persistent price drops in the past two years attributed, in part to the global economic crunch, which lowered crop prices in the international market.
Addressing well over 1000 shareholders gathered at the Arusha International Conference Center (AICC), the managing director announced that they had established a ‘special agriculture unit’ which among other activities will oversee all farming related matters, including watching and advising on prices in the international market.
Kimei said the agricultural sector continues to dominate the banks policies as it accounts for 30 percent of the bank’s total loans. The bank has in response increased its available loans from 1.1bn/- in 2010 to 1.4bn/- this year.
CRDB Management also announced intentions to maintain its stand on the matter of relocating the event venue as proposed by some shareholders who feel that the meeting should alternately be held in either Dar es Salaam or Dodoma, arguing that the two cities are centralized and easily accessible.
Dr Kimei explained that the suggestion which also came up during the 2011 had been received and worked on but unfortunately “... there is no other region with a large enough hall to seat 1000.”
Explaining that other factor had also been taken into consideration like accommodation and infrastructure he let the stakeholders know, “…it is only Arusha that has a large enough venue.”
CRDB boasts a customer base of 1.1 million with a proud 33,000 of Tanzanian shareholders who convene annually in Arusha.
CRDB Investor Relations Manager, Emmanuel U-Ng’ui announced and invited more Tanzanians to invest in some 22.2 billion available shares.