Speaking during the release of the institution’s 2018 performance results in Dar es Salaam, managing director Nicomed Bohay also says at least 235,253 families will benefit either directly or indirectly from the jobs which will be created through PASS model of loans guarantee worth 210.6 billion shillings and business development services.
“Every year, we have over 800,000 youths joining the labour market in Tanzania, yet there are no jobs to accommodate these numbers. At PASS, we believe that through mentorship and couching in agri business entrepreneurship, we can help many youths to start their enterprises”, said Bohay
A total of 929,172 agricultural entrepreneurs have benefited from PASS guaranteed loans amounting to 712bn/- between the years 2000 to 2018.
In the year 2018 alone, PASS benefited a total of 196,873 agribusinesses through loans guarantee as well as business development services in 26 regions spread across Tanzania.
Among the services offered by PASS include developing solid and bankable investment project write ups as well as facilitating access to finance through credit guarantee schemes that it operates with various banks.
“We are happy that apart from guaranteeing them loans, we have also created jobs especially to the youths of this country” added Bohay.
In the year 2018 alone, PASS created at least 387,804 employment opportunities in various sectors. These include livestock, crop production, crop processing, processing, crop trading, mechanization, irrigation infrastructure, transportation of agricultural commodities, bee keeping, fish farming as well as inputs trading.
“We are in the process of signing up more commercial banks, as well as support access to credit for community as well as rural financial institutions”, said the MD.
In one of its incubation centres in Morogoro, PASS’ manages agricultural innovation centre that offers mentorship and coaching to youths in horticulture, through the use of screen houses.
Youths are couched by experts from both PASS and Sokoine University of Agriculture on issues to do with production, farm preparation and management, fertilizer application among others. They are also taken through financial literacy, market opportunities among other things that are helpful in ensuring business growth.
PASS works with 15 banks towards implementing its endeavours in supporting investments in the sector. They include CRDB Bank PLC, NMB Bank PLC, TIB Development Bank, African Banking Corporation Ltd, Akiba Commercial Bank PLC, Bank of Africa Tanzania Ltd, Amana Bank Ltd, Equity Bank Tanzania Ltd, Mkombozi Commercial Bank PLC, Access Bank Tanzania Ltd, TPB Bank PLC, Vision Fund Micro Finance Bank Ltd, Azania Bank Limited, NBC Bank Ltd and Tanzania Agricultural Development Bank.