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ABIDJAN, Ivory Coast – In a move set to empower young people and boost Tanzania’s agricultural sector, the African Development Bank (AfDB) has approved a $129.71 million loan for the “Building a Better Tomorrow: Youth Initiatives for Agribusiness” program.
This ambitious initiative, launched on September 20th, 2024, aims to create a fertile ground for youth entrepreneurship in agriculture. The total project cost is estimated at $241.27 million, with the AfDB loan covering over half (53.76%).
“This project is expected to incubate and empower approximately 11,000 ‘agripreneurs,'” said Patricia Laverley, the Bank’s Country Manager for Tanzania. “This includes at least 6,000 young agribusiness owners,” she highlighted.
The program goes beyond financial support. It will provide training and mentorship through agrifood business incubation and acceleration programs. A commendable focus will be placed on attracting female applicants, fostering gender equality within the agricultural space.
Financial inclusion is another key pillar. The program will facilitate access to finance for an additional 2,500 young people already involved in agribusiness but struggling to secure commercial loans.
“We expect each agribusiness run by a young person will employ an average of five workers,” Laverley added, underlining the program’s potential for significant job creation.
Technology takes center stage as well. The project will leverage digital tools like satellite technology and artificial intelligence to enhance agricultural productivity and empower young farmer cooperatives with data-driven decision-making.
This initiative aligns with the AfDB’s broader commitment to Tanzania’s development. As of June 30th, 2024, the Bank has approved 25 projects in the country, with a total financial commitment exceeding $3.48 billion.
The “Building a Better Tomorrow” program signifies a promising step towards a more vibrant, youth-driven agricultural sector in Tanzania. By nurturing young agripreneurs and harnessing the power of innovation, this program has the potential to unlock a new era of agricultural prosperity for the nation.
