Agribank launches stimulus packages for farmers
22 May 2020
The Agricultural Bank of Namibia (AgriBank) has announced a set of COVID-19-related relief and stimulus packages to qualifying Namibian farmers.
The bank has set aside an amount of N$200 million in loan forms to be disbursed to farmers who are affected by COVID-19.
AgriBank Chief Executive Officer (CEO) Sakaria Nghikembua further announced a 12 month payment holiday for current loan holders starting from 1 June 2020 to 31 May 2021.
But he encouraged those clients who are able to continue paying their instalments to do so.
Nghikembua, explained that these measures are aimed at boosting the agricultural sector during this hard time and to improve productivity.
The expectation is that the money will be used productively by Agribank clients and will honour their commitment in the near future. Agribank will follow normal credit assessments such as affordability and repayment ability of clients taking up the loans.