AGRICULTURE sector received a total of 1.7trn/- during 2023, three times the amount disbursed in 2022.

This was said in Dar es Salaam yesterday by Prime Minister Kassim Majaliwa during CRDB Bank's investment day.

 Speaking during the event, the PM commended the bank for spearheading growth of financing agriculture which he termed as the vital sector of the economy. 

THE premier said efforts by the bank to promote various financing opportunities was a commendable empowerment move.

 Majaliwa said the government continues to sensitize Tanzanians to benefit from available opportunities provided through Tanzania Investment Center (TIC) which has reduced the minimum amount of capital to qualify for certificate of incentive from 250m/- to 125m/-.

 He said it was necessary to join forces with other stakeholders on how to extend agriculture financing, saying major challenges face farmers, including the effects of climate change.

 The Premier said the government is also making efforts to ensure agriculture resilience against the impact of climate change.

  "As you continue with this seminar, you also need to talk about how many people will improve productivity through technology, inputs and research," he said 

 CRDB Bank managing director Abdulmajid Nsekela asked the government to collaborate with stakeholders in expending financing to agricultural activities.

 Nsekela said despite the increasing agriculture financing, beneficiaries are not many.

 He said out of 44 million hectares of arable land, only 2.5 percent has necessary infrastructure. The increase needs extended efforts by the government and private sector.

He further said CRDB was also working to ensure all challenges facing farmers are solved.

 CRDB has so far issued loans amounting to 1.6trn/- to agricultural activities in collaboration with other stakeholders.

 "Through a special window financing -the green financing -through which we received 625bn/- from Global Climate Fund, farmers can borrow for climate related agriculture," he said.