Equity Bank has set aside 30% of the lending portfolio to the agricultural and extractive sectors
ARUSHA, Tanzania: The East African Business Council (EABC), Tanzania Private Sector Foundation (TPSF) and Tanzania Trade Development Authority (TANTRADE) joined Equity Bank to officially roll out the Digital Trade Mission focusing on Agricultural opportunities in Tanzania.
In her opening remarks, Ms. Isabela Maganga, Managing Director Equity Bank Tanzania said “this Digital Trade Mission will unfold trade and investment opportunities available in Tanzania’s agriculture sector endowed with crops, livestock and fisheries.
She elaborated that access to Southern and East African Community markets is important for agricultural producers. She explained that the Digital Mission will explore how to optimize trading corridors for agricultural goods for social economic empowerment and food security.
Mr. Humphrey Muturi, Equity Bank Kenya Commercial Director, said Equity Bank’s Africa resilience and recovery plan is set to catalyze natural resources-based transformation of Africa by enhancing agricultural throughput, formalizing extractive value chains and connecting these sectors to global supply chains via diversification and secure sourcing.
Mr. Muturi said the Digital Trade Mission is organized under Equity Bank’s Africa resilience and recovery plan which will offer finance to 5 million businesses and create 25 million jobs.
Equity Bank has set aside 30% of the lending portfolio to the agricultural and extractive sectors.
Mr. John Bosco Kalisa, EABC CEO, explained that the EAC bloc has a GDP of USD. 305.3 billion with strong microeconomic fundamentals and is building forward better amid COVID-19. He said the Russia-Ukraine war has impacted food and fuel prices affecting disposable incomes and risk debt distress.
He applauded Equity Bank’s Africa resilience and recovery plan as an instrument set to enhance access to information and finance, diversification and strengthening integration of agricultural and minerals value chains.
Mr. Zachy Mbenna, TPSF, elaborated on the importance of enabling the environment and friendly policies for business which are cultivated through public-private dialogues.
He lauded the Government of the United Republic of Tanzania for putting up the Blue Print for reforms that is set to improve the business climate in Tanzania by addressing hurdles to doing business.
Mr. Baltazari Joseph, TANTRADE, presented the vast investment opportunities in Tanzania.
Mr. Ringo Iringo and Mr. Vinod Godara shared insights on investment opportunities and strategies to boost productivity and trade of the Sunflower and rice sub-sectors.