Africas youngest billionaire and Tanzanias wealthiest individual, Mohammed Mo Dewji, has bagged a 24.6 million senior corporate loan from the African Development Bank Group AfDB to expand agro-industrial production across Tanzania through his conglomerate, Mohammed Enterprises Tanzania Limited MeTL Group. The financing is intended to increase export revenue, modernize agricultural operations and create jobs.
The AfDB board approved the loan to fund a series of projects across MeTLs plantations. Plans include rehabilitating aging tea estates, converting over 1,000 hectares into certified organic plantations and upgrading processing factories to double output. MeTL will also establish 15,000 hectares of sisal plantations and a 200-hectare macadamia plantation, while improving rural infrastructure, modernizing equipment and linking smallholder farmers to markets.
1,400 jobs coming in Tanzania