TADB JOINS SADC DFIs NETWORK

Tanzania Delegation to the 30^th Meeting of the SADC DFI Sub Committee follow the proceedings before TADB was accessed to the SADC DFI Network. From left is TADB’s Director of Credit and Business, Mr. Augustino Matutu Chacha, NDC’s Acting Managing Director, Eng. Ramson Mwilangali (second left) and TADB’s Director of Treasury and Funding, Mr. Albert Ngusaru (third left). Others in a picture areTIB’s Managing Director, Mr. Charles Singili (fourth left), TADB’s Acting Managing Director, Francis Assenga (second far right) and TADB’s Board Chairperson Madam Rosebud Kurwijila (far right).

TADB’s Acting Managing Director, Francis Assenga (left) attentively listens attentively to Southern African Development Community - Development Finance Resource Center (SADC- DFRC)’s Administrative Officer, Ms. Mariam Ekenyane (centre) on how to fill in the Membership Agreement. Looking in is Mr Dumisani Msibi (right), who is the Chair of the SADC DFI Network and Group Managing Director for FINCORP, Swaziland.

TADB’s Acting Managing Director, Francis Assenga signs SADC DFI Network Membership Agreement.

TADB’s Acting Managing Director, Francis Assenga (left) is congratulated by Mr Dumisani Msibi (right), who is the Chair of the SADC DFI Network and Group Managing Director for FINCORP, Swaziland after signing the membership agreement. Centre is the Bank’s Board Chairperson Madam Rosebud Kurwijila. The event took place at Double Tree Hotel in Dar es Salaam.

The Chief Executive Officer for Southern African Development Community - Development Finance Resource Center (SADC- DFRC), Mr. Stuart Kufeni (left) praises Tanzania Agricultural Development Bank Ltd (TADB)’s Board Chairperson Madam Rosebud Kurwijila (right) after signing the membership agreement. Looking on is Bank’s acting chief, Francis Assenga (centre).

TIB’s Managing Director, Mr. Charles Singili (left) congratulates his TADB counterpart Francis Assenga signs SADC DFI Network Membership Agreement after his Bank becomes the third institution to be a member of SADC DFI Network.

TADB’s Director of Treasury and Funding, Albert Ngusaru displays Certificate of SADC DFI Network Membership.

By Our reporter,

The Tanzanian State-owned Development Finance Institution (DFI) on agriculture, Tanzania Agricultural Development Bank Ltd (TADB) has officially joined the SADC Development Financial Institutions (SADC - DFIs) network.

The bank that is established to catalyze delivery of finance and related non-finance services and facilities to the agricultural sector in Tanzania joined the network to utilize and contributing to SADC's goals of economic growth and sustainable development among the member states.

The SADC DFI Network membership currently comprises 37 development finance institutions from 14 SADC countries.

Speaking on the event that took place at Double Tree Hotel in Dar es Salaam yesterday, the acting managing director of the Bank, Mr. Francis Assenga said that his Bank is designed to address the national goals enshrined in the Tanzania Vision 2025, specifically to facilitate attainment food self-sufficiency and food security, transformation of agriculture from subsistence to commercial, and bringing about economic development and poverty reduction that joining the network assures Tanzania’s participation in SADC's goals of economic growth and sustainable development through Industrialization Strategy and Roadmap.

Mr. Assenga said that at its Extra-Ordinary Summit, held on 29 April 2015, in Harare, Zimbabwe, the SADC Heads of State and Government adopted the SADC Industrialization Strategy and Roadmap 2015 – 2063.

“TADB needs to be part of the Industrialization Strategy that was developed as an inclusive long-term modernization and economic transformation scheme that enables substantive and sustained raising of living standards, intensifying structural change and engendering a rapid catch up of the SADC countries with industrializing and developed countries,” he said.

On his side the Chief Executive Officer for Southern African Development Community - Development Finance Resource Center (SADC- DFRC), Mr. Stuart Kufeni said that joining of TADB will fulfill Strategy targets that outlines that the need to link national and regional priorities as well as coordination of industrial policies towards convergence in the medium to long term as a way to ensure that all Member States benefit from SADC membership.

Mr. Kufeni said that the Strategy sets out three potential growth paths – agro-processing; mineral beneficiation and downstream processing and industry-and service-driven value chains. He added that the paths are mutually supporting and inclusive, encompassing the combination of downstream value addition and backward integration of the upstream provision of inputs, intermediate items and capital goods.

“A key focus of the SADC strategy is to develop targeted and selected industrial policies that create conditions that will enable higher rates of investment by the public and private sectors into economic infrastructure, which in turn will enable crucial sectors of the economy, particularly value-adding manufacturing, to grow,” Mr. Kufeni said.