Tanzania gets 20bn/- to improve agriculture

China has signed an agreement with Tanzania in which the former, through Exim Bank, will release 20bn/-, to improve the country`s ailing agricultural sector.

The agreement was signed on Monday at the State House by the Minister
for Finance and Economic Affairs Mustapha Mkullo on behalf of the
government and the Director for Development of Bank of China Li Ruugu.

The signing ceremony was witnessed by President Jakaya Kikwete and President Hu Jintao who left for Mauritius on Monday.

Speaking shortly after signing the agreement Mkullo told reporters that
China had given the money through Exim Bank where business people and
local investors would apply for loans through the bank

He said the credit would go to local investors who would be ready to invest in agriculture with a view of improving the sector.

“Business people and local investors will apply for the loans through
Exim Bank but will have to get government approval. Priority will be
given to applicants who will invest in the agricultural sector,“
Mkullo said.


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