More financial support for local cassava production has nudged forward as NMB Bank Plc has disbursed Sh3 billion to farmers in Mkata, Handeni District. This is part of the bank’s Sh40 billion it set aside for small-scale farmers this year.
Filbert Mponzi, the bank’s Chief Retail Baking, disclosed this during the official hand-over of Sh3 billion loans to cassava farmers from Handeni District in Tanga Region. Fifty per cent of the loan is guaranteed by Tanzania Agricultural Development Bank (TADB).
He said the bank saw great potential in cassava farming thanks to efforts made by authorities in Handeni District to champion the process by recruiting farmers for the purpose. “Today, we have issued a total of Sh3 billion to cassava growers at Mkata in Handeni District. We plan to lend over Sh40 billion to small-scale farmers this year.
This support will enhance food security, local production, job creation and economic diversification,” said Mponzi. He explained that the loan has been extended to 43 groups, to benefit a total of 421 farmers fully, adding that it was also meant to respond to low productivity, limited farmer participation to agribusiness supply chains and institutional realignment in the agricultural sector.