Loans aimed at public servants
Agricultural loans will be offered to salaried workers who farm part-time.
AgriBank will offer non-collateral loans to emerging communal farmers from the end of March.
According to Agribank chief executive officer Sakarai Nghikembua the loans will vary between N$5 000 and N$500 000. People between 21 and 55 years of age will be eligible to apply for a loan.
He emphasised that the scheme was meant to encourage emerging farmers and to ensure food security at household level.
“We are targeting salaried people, those working for government ministries or state-owned enterprises. We will be lending on a payroll deduction and instead of the annual deduction, deductions will now be on a monthly basis,” he said.
The bank also intends to extend funding to agro-industries, to decentralise lending to the regions, and to expand training and mentoring of emerging farmers to improve their production output, through an in-house division.
“We are also looking at improving stakeholder engagement and granting bursaries in agriculture related fields, as some of the initiatives to support the socio-economic transformation focus area of the new strategic plan,” said Nghikembua.
He added that the bank is in the process of revising its policies to authorise branch managers to approve loans above a certain amount.
“These policies have the effect of enhancing decision-making and positioning the bank for competition in the marketplace,” he said.
JEMIMA BEUKES
According to Agribank chief executive officer Sakarai Nghikembua the loans will vary between N$5 000 and N$500 000. People between 21 and 55 years of age will be eligible to apply for a loan.
He emphasised that the scheme was meant to encourage emerging farmers and to ensure food security at household level.
“We are targeting salaried people, those working for government ministries or state-owned enterprises. We will be lending on a payroll deduction and instead of the annual deduction, deductions will now be on a monthly basis,” he said.
The bank also intends to extend funding to agro-industries, to decentralise lending to the regions, and to expand training and mentoring of emerging farmers to improve their production output, through an in-house division.
“We are also looking at improving stakeholder engagement and granting bursaries in agriculture related fields, as some of the initiatives to support the socio-economic transformation focus area of the new strategic plan,” said Nghikembua.
He added that the bank is in the process of revising its policies to authorise branch managers to approve loans above a certain amount.
“These policies have the effect of enhancing decision-making and positioning the bank for competition in the marketplace,” he said.
JEMIMA BEUKES
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