In a significant move to support the fishing industry in Tanzania, the Tanzania Agricultural Development Bank (TADB) has joined forces with the Ministry of Livestock and Fisheries to deliver 14 modern fiber fishing boats valued at 1.2 billion Tanzanian shillings (approximately $520,000) to fishermen in the Tanga region.
Dr. Kaanael Nnko, the Finance Director of TADB, announced the partnership, stating that these 14 fiber fishing boats are part of a broader nationwide strategy aimed at transforming the fishing sector. The beneficiaries of this initiative include Fishing Cooperative Organizations (FICOs), women, youth community groups (CBOs), and individuals and companies engaged in fishing activities.
"In this initial phase of the project, a total of 160 boats worth 11.09 billion Tanzanian shillings will be distributed to fishermen across the country. These boats come in various sizes, ranging from five meters to fourteen meters," Dr. Nnko explained.
The Minister for Livestock and Fisheries, Abdallah Ulega, expressed the importance of TADB's partnership with his ministry in improving access to credit for sustainable fisheries projects. He revealed that TADB has received a total of 25.17 billion Tanzanian shillings in funding for this year alone, which will be lent out at a zero percent interest rate to various beneficiaries in the fisheries sector. The equipment to be provided includes modern fiber fishing boats, boats for seaweed farmers, and tools to promote aquaculture.
Minister Ulega commended President Samia Suluhu Hassan's efforts to boost the country's economy, emphasizing that the government's commitment to providing loans with zero percent interest rate in the fisheries sector is unprecedented. He also praised the precision and collaboration between TADB and the Ministry of Livestock and Fisheries.
The collaboration between TADB and the Ministry is seen as a strategic move to revitalize the fisheries sector and encourage key players to make more profitable and sustainable investments in the industry. Minister Ulega reiterated that these loans are part of the government's determination to transform the fisheries sector as part of the Blue Economy initiative.
He concluded by stating that the government will continue to work closely with all stakeholders to ensure that the necessary tools, resources, financing, and technical expertise are available to drive the transformation of the livestock and fisheries sub-sector in the country.