KEY POINTS
- The Mo Dewji AfDB loan targets agricultural expansion.
- New plantations will boost Tanzania’s export earnings.
- The project strengthens value chains for rural farmers.
Africa’s youngest billionaire, Mohammed “Mo” Dewji, has obtained a $24.6 million senior corporate loan from the African Development Bank Group to enhance agro-industrial operations throughout Tanzania via Mohammed Enterprises Tanzania Limited Group. The finance aims to enhance export revenue, modernize outdated plantations, and generate new employment as the company expands its agricultural presence.
Expanding through Mo Dewji AfDB loan
The loan, approved by the AfDB board, supports a series of initiatives across MeTL’s estates. The company intends to restore long-neglected tea plants, transform over 1,000 hectares into certified organic farms, and enhance processing facilities to increase production. The development plan encompasses 15,000 hectares of new sisal plants and a 200-hectare macadamia estate. In conjunction with these advancements, MeTL will allocate resources towards rural infrastructure, contemporary machinery, and enhanced connections between smallholder farmers and commercial purchasers. The initiatives are anticipated to create over 1,400 employment, with women and youth being a substantial portion of the workforce. Forecasts indicate that the projects will generate over $10 million in yearly export earnings and provide over $36 million in fiscal contributions to the government.
The $24.6 million loan constitutes a segment of a more extensive $74.7 million financing arrangement backed by ILX B.V. and MeTL’s equity investment. The monies are intended to enhance plantations, strengthen value chains, and promote climate-smart strategies that mitigate risks for farmers and industry operators.
“This collaboration aims to convert potential into prosperity,” stated Charles Orwothwun, Chief Investment Officer of AfDB. He stated that the bank’s participation signifies confidence in the private sector’s capacity to promote sustainable agricultural development while enhancing environmental and social results.
Modernising estates with Mo Dewji AfDB loan
According to billionaire Africa, MeTL continues to be one of the most significant private-sector entities in Tanzania. Established in the 1970s, the organization has evolved into the nation’s largest private employer, managing storage, processing, and logistics operations that integrate into an extensive network of farms and agricultural supply chains. Dewji, succeeding his father Gulamabbas Dewji, has transformed the enterprise into a regional powerhouse with ventures in food and beverages, agriculture, energy, textiles, and manufacturing.
Since assuming the role of CEO in 2005, he has increased revenue from $30 million to $2 billion by diversifying product lines, enhancing services, and investing in innovative technologies. His profile encompasses philanthropic endeavors aimed at poverty alleviation and job creation, alongside a reputation for active involvement in the organization’s daily operations.
