Agribank subsidy doubles

Agribank will be able to make a bigger change in land ownership in Namibia with a larger budget allocation.

03 April 2019 | Agriculture

Government has more than doubled its budget allocation to Agribank for the 2019/20 financial year.

According to the Estimates of Revenue, Income and Expenditure report for April 2019 to March 2022 it is projected that government will subsidise Agribank with more than N$73.4 million during the new financial year.

In the previous two financial years the bank received a subsidy of N$30 million per year.

It is further estimated that by the 2021/22 financial year the amount will increase to more than N$98.4 million.

Agribank board chairperson Michael Iyambo said at the end of last year that according to their assessment, the bank requires a minimum of N$500 million annually over the next five years to make the desired land reform impact.

After that, funding levels can be reduced to N$300 million annually, to be supplemented by the bank's own cash flows.

Meanwhile, the budget allocation to the agriculture ministry for 2019/20 is N$1.9 billion.

Finance minister Calle Schlettwein said last week during budget speech that N$290 million had been allocated to the crop and horticulture programme under the ministry, of which N$96 million is targeted for the country's green scheme programme.

An amount of N$469 million was allocated for the water-generation and infrastructure refurbishment programme.

“This is for the purpose of increased productive capacity, increased efficiency and job-creation, in partnership with the private sector, and to enhance water security in the country.”

Noting the severe effects of climate change and the ensuing drought, he said a total of N$100 million will be allocated to the Emergency Fund.

He said the recurring El Niño conditions that manifest themselves in bouts of severe drought, affects agricultural output and industrial activities, which are highly dependent on water.

“The growth outlook for primary industries is significantly discounted by the expected contraction of the agricultural sector by 5.2% this year, as the severe drought takes its toll on the crop and livestock subsectors, as well as the continued contraction in the fisheries subsector.”


Similar News


Timber impounded, no arrests made

3 days ago - 17 May 2019 | Agriculture

Police in Kavango West have impounded timber believed to have been harvested illegally, but no arrests have been made. The regional police commander, Commissioner...

Farmworkers at risk of layoffs

3 days ago - 17 May 2019 | Agriculture

Social Security Commission (SSC) CEO Milka Mungunda said the drought situation in the country is putting farmworkers at risk of losing their jobs, which would...

Stake your claim

4 days ago - 16 May 2019 | Agriculture

JEMIMA BEUKES Those who want to claim ancestral land rights have until 20 June to submit their claims and supporting evidence...

Agribank ta yambidhidha omolwa oshikukuta

4 days ago - 16 May 2019 | Agriculture

JEMIMA BEUKES Ombaanga yoAgribank otayi gandja embilipaleko lyiifuta yomikuli oshowo omikuli dhokuyambidhidha aanafaalama omolwa onkalo yoshikukuta.Ombaanga oya holola kutya tayi ka gwedhela aanafaalama oomvula mbali...

Oonkundathana kombinga yomusinda omutiligane

4 days ago - 16 May 2019 | Agriculture

KENYA KAMBOWEOshiputudhilo shoInstitute of Public Policy Research (IPPR) osha ningi olopota yi na omagwedhelepo kombinga yiinima iyali mbyoka tayi vulu okutulwa miilonga opo ku vule...

NCA: 104 000 farmers in limbo

5 days ago - 15 May 2019 | Agriculture

KENYA KAMBOWE An Institute of Public Policy Research (IPPR) draft report recommends two options to deal with the...

Global recognition for Desert Fruit

5 days ago - 15 May 2019 | Agriculture

Local date producer and exporter, Desert Fruit Namibia, was last week awarded its certificate for winning a category in the Khalifa Date Palm Awards.Agriculture minister...

Agribank offers lifelines

5 days ago - 15 May 2019 | Agriculture

Agribank is offering relief on both arrears and instalments for the current year, as well as drought relief loans. It will also add two...

Iiyamakuti tayi tula moshiponga oomwenyo dhaantu nodhiimuna

5 days ago - 15 May 2019 | Agriculture

Uuministeli womidhingoloko owa lopota kutya iiyamakuti oyindji mbyoka ya li ya zi moshikunino shiinamwenyo mEtosha National Park uule woomwedhi dha piti, oya shunamo kakele koompanda...

FMD drops cattle production

1 week ago - 13 May 2019 | Agriculture

Despite drought conditions, livestock exports declined considerably, by 26.49%, during the first quarter of the year, due to the weak demand for weaners by South...

Latest News

Rehoboth claim Kudus scalps

14 hours ago | Sports

Leandrea Louw Rehoboth Rugby Club claimed victory over Kudus in both the premier and reserve leagues on Saturday in Narraville.The premier league game ended 11-10...

Namibians nabbed in SA with...

14 hours ago | Crime

ELLANIE SMIT Two Namibian men were arrested in South Africa this weekend for allegedly being in possession of uncut diamonds to the value of...

Missing hiker alive and well...

14 hours ago | Environment

ELLANIE SMIT A 31-year-old Namibian, who went missing last week while hiking in a park in California, has been found alive and well. There was...

Let the games begin

14 hours ago | Columns

The Electoral Commission of Namibia last week announced 27 November as the date for the upcoming general election, which will be preceded by the supplementary...

Stray lions kill three cattle

14 hours ago | Environment

ILENI NANDJATOTwo stray lions killed three cattle last week in the grazing area near the Ongandjera salt pan at Okakewa.Okakewa is situated near Amarika in...

Where to from here?

14 hours ago | Sports

For all local football's claims to be the biggest sport in Namibia, it has never won a match at the Africa Cup of Nations (Afcon)...

What dreams are made of

14 hours ago | Sports

My friend informed me that her daughter send me a congratulatory message a week ago after she heard that I was nominated for the fourth...

Fish River festival set to...

14 hours ago | Sports

Footballers from every corner of the country will converge on Mariental for the third edition of the Fish River Sports Festival that will take place...

Vikings slay Dolphins

14 hours ago | Sports

Adolf Kaure SFC Vikings defeated Dolphins Rugby Club 29-16 in a Namibia Rugby Union (NRU) first division west match that took place on Saturday at...

Load More