The Agricultural Bank of Namibia (Agribank) and the Namibian Agronomic Board (NAB) have signed a 5-year Memorandum of Understanding (MoU) to collaborate on interventions aimed at developing the country’s agronomic and horticultural industry.
Under the MoU, the two institutions agreed to transform small-scale farmers through scaling-up programmes in agronomy and horticulture production, value addition, and by connecting them to formal markets and services for expansion.
The agreement also agreed for the two organizations to collaborate on promoting the adoption of relevant technologies and climate resilient strategies amongst agronomy and horticulture farmers in Namibia.
The MoU covers risk assessment of loan applicants who want to venture into production, value addition and storage of agronomic and horticultural products, while also evaluating the need for new loan products across the agronomic and horticultural value chain.
“Agribank is committed to the mandate and will continue to play its part in not only promoting horticulture and agronomy, but the agriculture industry as a whole,” Agribank’s Chief Executive Officer, Dr Raphael Karuaihe.
NAB Chief Executive Officer, Dr Fidelis Mwazi said “the MoU demonstrates NAB’s vision of becoming a world class regulator of a vibrant, diversified and sustainable crop industry, as such, we are excited to be part of this collaboration.”
The objective of Agribank is to promote agriculture and related activities by lending money to persons and financial intermediaries through providing affordable and innovative financing, while the NAB was established to promote the agronomy and horticulture industry, and to facilitate the production, processing, storage, and marketing of controlled products in Namibia.
