UN gives Tanzania US$90M rural finance loan

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UN gives Tanzania US$90M rural finance loan

The United Nations Fund for Agricultural Development (IFAD) has given Tanzania a US$90.6 million loan to promote private sector rural development. 

The loan will include a marketing infrastructure, value addition and rural finance support programme extended to the country on concessional terms, co-financed by the African Development Bank (AfDB), the Alliance for a Green Revolution in Africa (AGRA) and the national government.

The beneficiaries of the loan are expected to implement an agricultural development strategy, envisaging a modernized, commercial, highly productive and profitable sector by 2025.

Earlier this month IFAD lent a US$12.7 million loan to northern Ecuador, as part of a rural development initiative along the Ibarra-San Lorenzo corridor.

Photo: www.ifad.org

Source: www.freshfruitportal.com

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