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DAR ES SALAAM - The World Bank has approved a $70 million loan to Tanzania to support up to 500,000 smallholder farmers and help the agricultural sector, which has long suffered from low productivity and a lack of financing.
About 75 percent of Tanzanians depend on agriculture for their livelihoods. Agriculturecontributes to 25 percent of the gross domestic product (GDP) and accounts for 34 percent of export earnings, according to government estimates.
"Smallholder farmers play a central role in Tanzania's agricultural sector," Bella Bird, World Bank Country Director for Tanzania, said in a statement.
