Premier agricultural lender, Agribank, has announced that it has secured funding for stimulus production loans as part of its COVID-19 Relief and Stimulus package. The bank announced its COVID-19 package in May this year. At the time, Agribank’s chief executive officer, Sakaria Nghikembua, announced that the relief elements of the package were to be implemented with effect from 1 June 2020, whilst the roll-out of the stimulus loans would be announced as soon as funding has been secured. The Ministry of Finance provided a guarantee for the bank to borrow N$200 million for these stimulus loans.

In a media statement, Nghikembua advised that clients can start applying as of Monday 21 September for production loans in line with the bank’s COVID-19 package, adding ‘these loans are intended to provide stimulus to the economy by supporting the achievement of optimal production levels. They are also intended to enhance resilience through the creation of additional income streams for farmers. Both existing bank clients, as well as new ones, can apply for these loans. A client need not prove any COVID-19 impact but must be in good standing with their existing loan accounts. Normal credit assessment processes will apply. The bank has various existing products to support production, and normal product interest rates will apply. Clients are advised to apply at their nearest Agribank branch.

Nghikembua concluded by saying that stimulus loans could include loans for production inputs or for infrastructure that supports production. Examples include loans for cropping facilities, livestock re-stocking, charcoal production, poultry and farm infrastructure improvement that directly supports production.

Issued by:

Sakaria Nghikembua
Chief Executive Officer

For enquiries, kindly contact the Marketing and Communication Division at:
Tel.: 061 2074332
Fax: 061 2074206

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