KEY POINTS
- MeTL agro-industrial expansion drives new jobs.
- AfDB loan strengthens Tanzania agriculture sector.
- Expansion boosts export revenue significantly.Africa’s youngest billionaire Mohammed
“Mo” Dewji has secured a $24.6 million senior corporate loan from the African Development Bank.
The funding supports MeTL’s agricultural expansion. The loan targets export growth and job creation. It also aims to modernize key farm operations.
AfDB backing boosts MeTL agro-industrial expansion
The AfDB board approved the facility for multiple plantation upgrades. MeTL plans to rehabilitate old tea estates. The group will convert large tracts to organic farms. Factories will get modern processing equipment. Output is set to double soon.
MeTL also expands sisal plantations significantly. Plans include 15,000 new hectares. A 200-hectare macadamia farm will follow. Rural roads will also be improved. Small farmers will gain new market access.
Program targets jobs and export revenue
The project will create 1,400 new jobs. Women and youth will benefit most. Export earnings will rise by $10 million. Fiscal revenue will grow by $36 million. Smallholders will gain higher incomes. Poverty levels should decline in rural regions.
The loan forms part of a wider $74.7 million program. ILX B.V. co-finances the package. MeTL contributes matching equity funds. The program strengthens value chains nationwide. Climate-smart practices will also be scaled.
MeTL drives growth across multiple sectors
AfDB officials say the partnership boosts long-term prosperity. The project aligns innovation and sustainability. It also reinforces private-sector strength.
Founded in the 1970s, MeTL is Tanzania’s largest private employer. The group operates integrated farms and factories. Dewji expanded the company after taking over in 2005.
According to Billionaires Africa, He grew revenue from $30 million to $2 billion. Two decades of investment reshaped the group. His philanthropy also supports social development. He remains active in all operations.
