04 Sep 2019
The deputy minister
of Finance, Natangwe Ithete has applauded Agribank for introducing no
collateral loan products for both communal and commercial farmers. Ithete was
speaking at the local economic revival conference for the maize triangle towns
of Tsumeb, Otavi and Grootfontein last week.
The deputy minister
highlighted the competitive interest rates offered by the bank and urged local
farmers to support the bank through taking out loans and honouring the
repayment of such loans. “The bank is not a profit making institution and the
little interest that they charge is meant to recoup their operational cost and
to ensure that there is money to on-lend to other clients to have a bigger
developmental impact”.Ithete also
defended the practice of advancing collaterised loans as it encourages loan
holders to work hard and produce in order to repay their loans. “Collateral
encourages to work hard to ensure that you do not lose your property for
non-payment”, Ithete stated.
The deputy minister
also defended the turn-around times of the bank, noting that whilst he
understand that the loan turn-around times take a bit longer when compared to
commercial banks, it is necessary to do proper due diligence to avoid over
indebtedness that may lead to the borrower not able to service their loans. “It
is only fair that proper due diligence is carried out to make sure that our
people obtain loans they can afford and repay to ensure the bank is
sustainable. I therefore urge all Namibians and especially the youth to support
Agribank in its mandate to promote the growth of agriculture”, he stated.
The conference was
attended by the political leadership of the Oshikoto and Otjozondjupa regions,
senior government officials, youth and farmers from Otavi, Tsumeb and Grootfontein.
Issued
by:
Rino Muranda
Manager:
Marketing and Communication
For
enquiries, kindly contact the Marketing and Communication Division at:
Tel.:
061 2074332
Loans are granted against security of fixed property, investment or any other acceptable form of security (fixed deposits, investments and surrendering value of policies). read more
No, Agribank is not a commercial bank. read more
Yes, Agribank can assist you to start farming. read more