NSSF has been hailed for investing in the cereal board and other mixed crops
•Minister Jenista expresses gratitude for a Sh3 6 billion loan issued by NSSF
• Minister Bashe hails production of flour
And sunflower oil as he promises to supervise the implementation of the cereal board and mixed crops
Dar es Salaam. The government has hailed efforts by the National Social Security Fund (NSSF) to invest in industries through procurement of loans.
Minister of State, Office of the Vice President, Policy, Parliament, Labour, Employment, Youth, and People with Disability Jenista Mhagama, together with the Deputy Minister for Agriculture, Hussein Bashe said this during a tour to inspect the implementation of an investment by NSSF through its loan of Sh3 6 billion to the Cereal Board and mixed Crops (CPB) n Dodoma.
During the tour Minister Mhagama said NSSF loan to CPB aimed to support the government's efforts to improve the economy through industries.
She said the investment is an assurity for markets for the crops, forex money as well as employment opportunities.
In view of that she called on CPB to pay back the loan on time as per the contract
On his part, CPB Director General, Dr Anslem Moshi assured Minister Mhagama that they are well planned to produce quality crops for business that have been added value after receiving the Sh3.6billion loan from NSSF that enabled them to revive the industry
He said through the loan they were able to purchase quality machinery for producing flour and sunflower oil.
Adding that they have also been able to start paying back the loan to a tune of Sh400 million by September 2020 which was released to them in 2017 which he said is a big step in the right direction.
Meanwhile Minister Bashe, hailed NSSF for the loans and said he would work closely
With them to ensure the loan is paid back after CPB and NSSF come up with a better plan on how the loan will be repaid.
Further calling on NSSF to come up with a solution that will ensure the loan is paid at an affordable interest rate.
'I assure NSSF that their money will be paid back because we will work together to ensure your money is safe with us," he said.
According to him, NSSF is a majority stakeholder in the agriculture sector and they have dialogued to identify other projects they can invest in under his ministry.
In another development, Bashe said going forward any institution and the Ministry of Agriculture that secures a loan through NSSF the workers must be members of the Social Fund which issued the loans and must therefore benefit from it.
At the end of the tour, Jenista directed CPB to have continueous talks with NSSF to improve service and tackle challenges that might arise.
"I was very optimistic in 2020, because in 2017/18 NSSF was collecting Sh55 billion on a monthly basis but during the month of December 2020 the stakes were higher after collections reached Sh111.37 billion for that month which if well utilized will bring productivity and ensure pensions are paid on time," she said.
According to her, NSSF was worth Sh4. 8 trillion in 2020 up from Sh3.1 trillion in 2018.