TANZANIA has stepped up the state’s financial support to the agriculture sector, which at the moment is clocking 1 trillion/-, according to the Bank of Tanzania (BoT) Governor, Professor Benno Ndulu. “Although it is still low, the share of lending to agriculture to total lending to private sector by the banks has increased from the average 9.6 per cent in 2008 to nearly 12 per cent by the end of 2013, against the backdrop of rapidly expanding total credit to the private sector,” stated Prof Ndulu. Speaking at the ongoing 17th Conference of Financial Institutions (COFI) taking place at the Arusha International Conference Centre (AICC) here, the central bank chief pointed out that in absolute terms, credit to agriculture increased from an average 700 billion/- in 2008 to over one trillion/- at the end of last year. The theme of this year’s conference is ‘Financing Agriculture and Agribusiness in Tanzania: Challenges and Opportunities’ and reflects the need to increase financial resources...
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