IN the thriving agricultural landscape of 2023, farmers and livestock keepers banded together to secure a remarkable funding injection totalling 1.7trn/- an impressive sum that marked a significant threefold surge compared to the financial support received in the preceding year.

This was revealed yesterday during the CRDB Bank's investment day held in Dar es Salaam recently, whereby the Prime Minister Kassim Majaliwa thanked the bank for spearheading the growth of agriculture financing, the vital sector of the economy.

It is said that the influx of financial resources empowered these vital stakeholders to invest in modern farming techniques, acquire high-quality inputs, and expand their operations with cutting-edge technology. 

The financial windfall also enabled them to enhance productivity, improve crop yields, and elevate the overall quality of agricultural output. The newfound financial stability paved the way for sustainable growth and prosperity within the agricultural sector, fostering economic development and food security for the nation.

According to Majaliwa, the government is continuing 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 incentives from 250m/- from 125m/-.

He said it was necessary to join forces with other stakeholders including CRDB on how to extend agriculture financing, citing major challenges facing farmers including effects of the 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 managing director Abdulmajid Nsekela said has asked the government to collaborate with the 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 said.

Nsekela said lack of inputs, financing and research are among the challenges facing farmers.

He further said CRDB is 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 of which we received 625bn/- from Global Climate Fund, farmer can borrow for climate related agriculture," he said.