By Our Reporter – Morogoro
Tanzania Agricultural Development Bank (TADB), The Private Agricultural Sector Support Trust (PASS) and Financial Sector Deepening Trust (FSDT) are in the process to find initial fund amounting TZS 100 billion to supporting irrigation infrastructure development in the country.
Speaking during the meeting to discuss collaboration on irrigation financing, Acting Managing Director for TADB, Mr. Augustino Matutu Chacha said lending for agriculture infrastructure is a challenge in Tanzania as a result has been retrograding sector growth in the country.
He added that this is caused due to high cost of borrowing and limited payback period for the loans associated with the limited use of irrigation.
“A consequence of this challenging lending environment to agricultural infrastructure, which requires long-term payback period, is limited investment in agriculture productivity, particularly in irrigation infrastructure,” he said.
On his part, PASS Managing Director, Mr. Nicomed Bohay said that the intervention in irrigation development has verified worldwide that it boosts crop production 3-4 times than that of rain fed agriculture.
PASS Managing Director, Mr. Nicomed Bohay makes a presentation on Irrigation Financing during SUA Agriculture & Agribusiness Conference 2018.
Acting Managing Director for TADB, Mr. Augustino Matutu Chacha (centre) laments on modus operandi of the proposed Irrigation Financing during SUA Agriculture & Agribusiness Conference 2018. Others in picture are FSDT’s Head of Agriculture and Rural Finance, Mr. Mwombeki Baregu (left) and PASS Managing Director, Mr. Nicomed Bohay (right).
FSDT’s Head of Agriculture and Rural Finance, Mr. Mwombeki Baregu (left) contributing during the meeting. Others in picture are PASS Managing Director, Mr. Nicomed Bohay (right) and TADB Acting Managing Director, Mr. Augustino Matutu Chacha (centre)..
The trio Irrigation Financing collaborators attentively taking contributions from the floor.
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