Agribank has disbursed N$23 million under its Youth Development Fund (YDF), exceeding its initial N$20 million allocation, with the majority of the funding supporting young entrepreneurs in poultry farming.
The funding was disclosed during Prime Minister Elijah Ngurare’s visit to Agribank, where he received an update on the implementation of the youth financing programme and the bank’s operations.
Ngurare welcomed the disbursement, saying it supports government’s efforts to increase youth participation in agriculture while advancing the objectives of the Sixth National Development Plan.
He said expanding access to agricultural finance for young people is critical to strengthening food security, creating jobs and promoting sustainable economic growth.
“Government has made a deliberate policy decision that applicants under the Youth Development Fund should not be required to provide collateral,” Ngurare said.
The Prime Minister urged Agribank to speed up the processing of Youth Development Fund applications, warning that delays undermine government’s efforts to empower young Namibians to enter the agricultural sector.
He called on the bank to remove administrative bottlenecks and ensure qualifying applicants receive funding without unnecessary delays.
Ngurare also encouraged Agribank to assess applicants based on their potential rather than their background, saying the institution should focus on identifying and developing aspiring young commercial farmers.
“The bank should focus on identifying potential and helping transform aspiring young people with a passion for agriculture into successful commercial farmers,” he said.
He further challenged Agribank to introduce innovative financing and support programmes that combine access to capital with technical assistance to improve the success of youth-owned farming enterprises.
Ngurare said the rapid rollout of the Youth Development Fund demonstrates government’s commitment to creating opportunities for young Namibians and called on Agribank to continue expanding access to agricultural finance.
He said empowering young people through agriculture would strengthen national food production, create employment opportunities and contribute to Namibia’s long-term economic development.
