Corona relief from Agribank
Corona relief from Agribank

Corona relief from Agribank

The countrywide engagement started in Windhoek on 31 June under the theme “Let's Talk”, and is aimed at clarifying issues around the package.
Ellanie Smit
ELLANIE SMIT

WINDHOEK



Agribank recently kicked off its countrywide stakeholder information workshops on its coronavirus relief stimulus package.

The bank introduced the stimulus package on 1 June to mitigate the impacts of the pandemic on clients, while stimulating optimum production at farm level. The countrywide engagement started in Windhoek on 31 June under the theme “Let's Talk”, and is aimed at clarifying issues around the package. Agribank board chairman Michael Iyambo said the bank puts a premium on stakeholder engagement and consultations to foster mutual understanding about its operations and activities.



Challenges

According to Iyambo, the bank has a deep understanding of the challenges facing the agricultural sector, from prolonged drought, dwindling market prices, a reduction in its contribution to gross domestic product (GDP) and, of late, the impact of the coronavirus.

He explained that the stimulus package is an outcome of extensive consultations with key stakeholders, from farmers' unions to internal staff members.

“Naturally, as is the case with consultations, not all the proposals put forward by the diverse group of stakeholders emerge in the same format in which they were made,” Iyambo said.

He, however, emphasised that the package covers all relevant aspects that have emerged from these consultations, and the bank endeavoured to come up with a package that is feasible under the current economic conditions, while responding to these issues.

“Customers would always want more flexibility and relaxation of requirements, but as a bank we can only do what is feasible and sustainable. Clients must also be prepared to meet the bank halfway, instead of always demanding a free pass.”



Minimal conditions

Agribank CEO Sakaria Nghikembua said government provided a guarantee for the bank to borrow money for disbursement to qualifying clients in the form of stimulus loans.

Nghikembua noted that the guarantee is not a physical transfer of funds from treasury, but rather the bank is required to raise funds at affordable interest rates.

“This is naturally a challenge when you have clients whose payment records are not optimal,” Nghikembua said. According to him, it was important for the bank and shareholders to set minimal conditions to ensure financial sustainability.



Honouring commitments

It is also important that the bank is able to carry out its mandate by honouring its commitments to clients whose loans have already been approved prior to the outbreak of the coronavirus.

It is also critical that the bank assists new and repeat clients who need assistance throughout this period, including women and youth who face a high rate of unemployment in the country, he said. Nghikembua further appealed to clients to embrace the stimulus package and take advantage of the various relief measures it offers.

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Namibian Sun 2024-03-29

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 233.12/OZ UP +1.93% | Copper US$ 3.99/lb UP +0.12% | Zinc US$ 2 455.50/T UP 0% | Brent Crude Oil US$ 87.65/BBP UP +1.46% | Platinum US$ 908.62/OZ UP +1.53% Sport results: Weather: Katima Mulilo: 19° | 36° Rundu: 19° | 29° Eenhana: 19° | 29° Oshakati: 21° | 30° Ruacana: 20° | 33° Tsumeb: 19° | 29° Otjiwarongo: 16° | 29° Omaruru: 19° | 32° Windhoek: 17° | 29° Gobabis: 17° | 30° Henties Bay: 16° | 20° Wind speed: 22km/h, Wind direction: S, Low tide: 11:22, High tide: 05:24, Low Tide: 23:26, High tide: 17:46 Swakopmund: 16° | 17° Wind speed: 24km/h, Wind direction: SW, Low tide: 11:20, High tide: 05:22, Low Tide: 23:24, High tide: 17:44 Walvis Bay: 16° | 22° Wind speed: 27km/h, Wind direction: SW, Low tide: 11:20, High tide: 05:21, Low Tide: 23:24, High tide: 17:43 Rehoboth: 19° | 30° Mariental: 23° | 34° Keetmanshoop: 24° | 35° Aranos: 22° | 33° Lüderitz: 15° | 28° Ariamsvlei: 24° | 35° Oranjemund: 14° | 25° Luanda: 27° | 28° Gaborone: 20° | 32° Lubumbashi: 17° | 26° Mbabane: 16° | 21° Maseru: 11° | 29° Antananarivo: 16° | 27° Lilongwe: 17° | 27° Maputo: 20° | 28° Windhoek: 17° | 29° Cape Town: 17° | 28° Durban: 20° | 24° Johannesburg: 16° | 24° Dar es Salaam: 26° | 32° Lusaka: 20° | 30° Harare: 16° | 29° Economic Indicators: Currency: GBP to NAD 23.82 | EUR to NAD 20.37 | CNY to NAD 2.62 | USD to NAD 18.91 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.77 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.17 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.35 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 18.92 | USD to ZMW 25.01 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 74536 Up +0.85% | Namibian Stock Exchange (NSX) Overall Index 1528.69 Up +0.84% | Casablanca Stock Exchange (CSE) MASI 12986.94 Up +0.04% | Egyptian Exchange (EGX) 30 Index 27559.35 Down -2.36% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 233.12/OZ UP +1.93% | Copper US$ 3.99/lb UP +0.12% | Zinc US$ 2 455.50/T UP 0% | Brent Crude Oil US$ 87.65/BBP UP +1.46% | Platinum US$ 908.62/OZ UP +1.53%