President Samia Suluhu Hassan has officially launched the Cooperative and Agricultural Development Bank, marking a key milestone in the government’s efforts to boost agricultural financing and rural development.

The bank, which starts operations with an initial capital of TZS 58 billion, is expected to enhance access to credit for farmers and cooperative societies across Tanzania.

“This bank is not a coincidence,” President Samia said during the launch. “It is a deliberate step in implementing the 2020–2025 CCM Party Manifesto and long-standing plans to empower the agricultural sector.”

She added that the bank’s capital base will support food security and stimulate growth in rural areas, noting that its launch is a sign of confidence in the sector’s potential.

President Samia also expressed hope that the bank’s investment in agriculture would encourage other financial institutions to increase their funding to the sector.

“Our goal is to see cooperatives take the lead in driving productivity and contributing more significantly to the national economy,” she said.

The bank is expected to serve as a key financial tool for transforming Tanzania’s agriculture by empowering smallholder farmers and modernizing cooperative operations.