Tanzania: Kibaha's Malaria Biological Pesticide Plant Gets 4 Billion/ - Capital Boost
Posted on :Tuesday , 30th August 2016
The National Social Security Fund (NSSF) has advanced a loan of 2.1 million US dollar (over 4.0bn/-) to the Tanzania Biotech Product in Kibaha, Coast Region.
NSSF Director General Prof Godius Kahyarara said the fund offered the loan after taking into consideration number key issues to determine project's worthiness and payback.
"We normally consider a number of criteria, including profitability of the projects, their necessity, security and the goals of the projects in improving the country's economy," said Prof Kahyarara.
The factory is designed to produce pesticide that kills malaria mosquitoes and is under National Development Corporation (NDC). Minister of State in the Prime Minister's Office (Policy, Parliamentary Affairs, Youth, Employment and Persons with disability) Ms Jenista Mhagama said the plant will speed up the fight against malaria by 90 per cent.
"This company is one of its kind in Africa and its efficiency will not only benefit Tanzanians, but also the entire continent. It will also bring in foreign currency," she said during the soft ceremony.
On his part, the NDC Board Chairman, Dr Samuel Nyantahe said the loan will enable the plant, constructed in collaboration with M/s LABIO-FAM SA of Cuba to increase its production.
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