The African Development Bank (AfDB) has expressed its interest in providing $101 million (approximately 244 billion Tanzanian shillings) to fund the implementation of the Building Better Tomorrow–Youth Initiative for Agribusiness (BBT-YIA) and block farming projects in Tanzania. The announcement came after a meeting between Minister for Agriculture, Hussein Bashe, President Dr Samia Suluhu Hassan, Finance and Planning Minister Dr Mwigulu Nchemba, and Dr Beth Dunford, the AfDB Group Vice-President for Agriculture, Human and Social Development, at the Chamwino State House in Dodoma.
Minister Bashe shared that the AfDB has pledged to invest $101 million in the BBT-YIA and block farming projects, which aim to empower women and youth in the country. The BBT-YIA initiative seeks to increase youth engagement in the agricultural sector to promote sustainable and improved livelihoods. It aims to inspire young individuals through behavior and attitude-changing communication strategies, empower them through training and mentoring, and encourage their involvement in profitable and sustainable agribusiness management. The initiative also aims to enable youth-led enterprises by improving the business environment.
Expressing his gratitude, Minister Bashe thanked President Samia Suluhu Hassan for chairing the meeting and the AfDB for their commitment to providing $101 million for the implementation of the BBT-YIA and block farming projects in the 2023/24 financial year. He also acknowledged the AfDB's support in constructing the Multiple Commodity Centre in Dar es Salaam, which facilitates exportation, and other centers in the Southern Highlands regions of Mbeya, Njombe, and Iringa. These projects, worth $135 million, are focused on horticulture crops, including avocado, and are set to begin in the 2024/25 fiscal year. Minister Bashe emphasized that these initiatives mark significant strides in the country's agriculture industry.
During the meeting, Dr Mwigulu highlighted that the AfDB expressed its intention to cooperate with the government in increasing capital for the Tanzania Agricultural Development Bank Limited (TADB), which plays a crucial role in implementing irrigation agriculture projects and adding value to the sector. He further stated that the AfDB has already provided an estimated $2.6 billion for the implementation of 24 projects, with 4% of the funds allocated to the agricultural sector. These funds have been utilized for production activities, including promoting the cultivation of crops like wheat and sunflower to increase farmers' income.
Dr. Dunford, on behalf of the AfDB, congratulated the Tanzanian government on its efforts to promote development and assured continued cooperation in making agriculture, livestock, and fisheries projects successful in the country. The partnership between Tanzania and the AfDB underscores the commitment to empowering the youth and driving sustainable growth in the agricultural sector, leading to improved livelihoods and economic prosperity.