Agribank says its determined to increase the participation of women and youth in the country’s agricultural sector, and has implemented a specific loan scheme targeting women and youth, which has been operational since October last year.
“The women and youth loan scheme is different from the conventional funding of the Bank, as it offers distinct terms and conditions.”
Agribank’ terms and conditions for the loan include:
- The provision of farming equipment or land being financed, as collateral. Additionally, where the farmer has an off-take agreement with buyers of his/her agriculture produce, such an agreement can also serve as collateral.
- Under the scheme, the Bank is also offering special treatment for agricultural professionals, flexible grace periods and tolerance for collateral shortfalls.
- Under this scheme, qualifying women and youth may access various loan products for agricultural purposes, within the categories of short-, medium- and long-term loans, repayable between 1-5 years, 5-10 years and 10 -25 years respectively.
- Women from the age of 18 years and above as well as youth between 18 and 35 years, do qualify under the women and youth loan scheme. However, for agricultural professionals, there is no limit on age and gender.
During the 2020/21 financial year Agribank disbursed loans to the value of N$43 million towards women, while another N$38,7 million benefited the youth, as clients under 40 years of age
In the period under review, more than N$36 million worth of loans were disbursed to companies and groups during the reporting period, which also included female beneficiaries.