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NMB, Rabobank pump in 1.12bn/- into cooperatives
2008-02-11 08:59:39
By Michael Haonga
National Microfinance Bank (NMB) in collaboration with RaboBank Foundation of the Netherlands have availed 1.12bn/- in support of cooperative societies in the country.
The assistance is aimed at beefing up the societies financially as well as building needed capacity to speed up the pace of development particularly for rural dwellers in the country.
The support was handed over last Friday at a ceremony attended by NMB/RaboBank representatives on one hand and Sophia Kaduma from the Ministry of Agriculture, Food Security and Cooperatives, on the other.
The support specifically aims at expanding the agricultural sector and agro-business enhancement and thereby contributing to solving the problem of markets of what is produced by the cooperatives.
Speaking at the function, the NMB Chief Executive Officer, Ben Christiaanse expressed his optimism that the support would enhance efficiency and long-term reliable markets for the farmers resulting in multidimensional benefits such as jobs creation and uplifting the standards of living of the people.
The RaboBank representative, Joop Wijn, who is also the bank\'s Senior Executive Officer and Vice President of SMEs in the bank said NMB was supportive of agricultural activities and hence a relevant partner in the initiative to give a push to cooperatives with a view to taping the country`s rich potentials for accelerated development.
The Deputy Permanent Secretary of the Ministry of Agriculture, Food Security and Cooperatives thanking the two financial institutions said the funds would be used for the purpose for which they had been availed as the country undergoes through reform and modernisation.
``Tanzania`s Cooperatives are going through a tremendous process of change and restructuring so that they can better serve their membership and at the same time be able to compete in a globalised economy``, she said.
Testimonies to that included what she referred to as ``The country`s Cooperative Reform and Modernization Programme (CRMP) whose implementation started in 2005 and extends to 2015.``
She revealed that implementation of CRMP required large amounts of resources internally and externally such as has been actualised through the ``ILO and ICA to mobilise the necessary external assistance`` on the one hand and through internal efforts resources rational utilisation.
``Thus the financial assistance to be extended by RaboBank Foundation through NMB to facilitate capacity building in selected cooperatives wouldn\'t have come at a better time``, she said.
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