Land Bank launches R1.95bn blended finance scheme
The scheme will see the Department of Agriculture provide grant financing for emerging farmers which the Land Bank will match rand for rand
The Land Bank is set to resume lending to the agricultural sector more than two years after it missed a loan repayment that triggered a cross-default on nearly all of its R50bn in borrowings.
The state-owned lender, which used to account for almost 30% of agricultural financing in SA before its default, announced on Monday that together with the Department of Agriculture, Land Reform and Rural Development (DALRRD) it was launching a R1.95bn blended finance scheme to resume its lending activities. Under the scheme the Land Bank and DALRRD aim to deploy R1.95bn over the next three years to enable emerging farmers to participate in the mainstream agricultural economy...
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