June 1, 2012

African agriculture sector to gain considerable funding

The African Development Bank (AfDB) has declared to help enhance Tanzania's agriculture industry, by allocating major grants, as part of its future scheme to aid the continent's developments.

"We are also going to help improve the country's electricity services through improving its infrastructure and funding new power sources including alternative means of generating power," said the AfDB President, Dr Donald Kaberuka.

Speaking to members of the press during the ongoing African Development Group's series of meetings taking place here Dr Kaberuka revealed further that, so far Tanzania is the biggest recipient of the AfDB's grants.

"But we are satisfied with Tanzania's economic performance, which has been holding very well despite challenges of global financial meltdowns. However, the country has a role to maintain the success and the only way to achieve that is through boosting the agriculture sector," said Kaberuka.

Kaberuka added that ample food production and security is what will help African states to remain immune to the fluctuating global economy stability by making them more self-reliant.