TANZANIA – The Meat King Fish Distributor factory in Tanzania has clinched Tz4.5bn (US$1.9m) loan financing from Tanzania Agricultural Development Bank (TADB) to boost production and promote the welfare of farmers, herders and fishermen.
The meat company suffered business loss between March and June due to the Covid-19 pandemic after the government ordered closure of hotels and other facilities in the hospitality industry.
It is currently working hard to raise production in order to meet clients’ demands following reopening of the hotels and restaurants, reports Daily News.
The loan, according to the Minister for Livestock and Fisheries, Mr Luhaga Mpina, will raise the number of employment in the sector and value addition of meat products.
“TADB continue supporting this factory because when it performs well we know new jobs for stakeholders in the agriculture, livestock and fisheries are being created and old ones are being strengthened,” he stated.
The bank’s acting Director for Loans, Mr Jeremiah Mhanda stated that TADB would continue to work very closely with the factory adding that the company was producing 400 different products mainly marketed in Arusha and Dar es Salaam regions.
According to the Red meat production in the Tanzanian livestock master plan report by FAO, a series of targeted interventions would increase the contribution of the red meat sector in Tanzania to gross national product by 26% over the 2017–2022 period, to more than US$ 940 million annually.
The required investment of just over US$ 153 million in the areas of health, genetics, feed, value addition and complementary policy changes would result to a 50% increase in red meat production by 2022 to 742,524 tonnes.
The investment will be contributed by both the private and public sectors at 46% and 54% respectively.
Goat and sheep meat production are expected to rise over the five-year period by 60% to 103,681 tonnes, while the cattle red meat production from the ranching and the feedlot fattening, and dairy sub-sector would grow from by 73% to 3,029 tonnes and by 521% to 531,275 tonnes respectively.
Even with the implementation of these proposed investments, livestock consumption is expected to grow from 2017–2022 by 71% to 867,302 tonnes, leaving a 17% deficit i.e. 124,778 tonnes in the red meat production consumption balance.
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