It is good news to hear that CRDB Bank Plc has reduced its lending rates to farmers as it seeks to play an increasingly important role in Tanzania’s economic development efforts.
Indeed, it is a relief for farmers as the bank will now only charge 9% instead of the usual 20% on agricultural loans, promising farmers an affordable financing option to improve their operations.
The move comes a few months after the administration of President Samia Suluhu Hassan – through the Bank of Tanzania (BoT) – announced several measures it would undertake in a deliberate effort to create conditions to significantly reduce the interest rates on loans and to promote credit intermediation.
It is high time that other financial institutions in the country also provide relief to farmers by reducing interest rates on loans.
By doing so, many farmers from different parts of the country will see reason to come forward and take out loans from these financial institutions and engage in productive agriculture for their own benefit and that of the country.
CRDB Bank Plc not only cut loan rates to farmers, but also personal loans to salaried workers to 13% from the usual 16%.
Currently, CRDB Bank Plc is proud to be the lender with the highest amount of loans to actors in the agricultural sector.
In total, CRDB Bank Plc has provided 1.6 trillion shillings in loans to various actors in the agricultural value chain.
The main objective of every lender should be to stimulate agricultural production by providing affordable loans to producers.
With rapid population growth and urbanization resulting in unprecedented demand for food, there is an urgent need to ensure that agricultural inputs and tools are made available to farmers so that they can increase many yields for commercial and servants.
CONGRATULATIONS TO THE AGA KHAN HOSPITAL
In yesterday’s edition, we published an article highlighting a breakthrough in the provision of health services achieved by the Aga Khan Hospital in Dar es Salaam for the provision of a cochlear implant.
The service provider becomes the first private entity in Tanzania to perform the cochlear implant, an electronic device that enables people with profound hearing loss to hear by direct stimulation of the auditory nerve.
According to Egyptian professor Ahmed Mohamed Mehanna who worked with the hospital to perform the procedure on a two-year-old child, the availability of the procedure in the country was very low and therefore those who needed the service had to go abroad to undergo it.
Reacting, the hospital’s ENT surgeon, Christopher Mwansasu, said the achievement was an important step in increasing the capacity of ear and hearing care services in the country.
Indeed, Tanzanians have every reason to celebrate this breakthrough, as bringing the procedure here means reducing the huge costs that patients and their families had to incur to get it abroad. As we congratulate the Aga Khan Hospital Dar es Salaam on this important milestone, we call on other healthcare providers to learn from and do the same in this and other areas of healthcare. . We urge the government to continue to create an enabling environment for service providers to continue improving the quality of their services to Tanzanians.