{"id":19833,"date":"2022-05-17T11:13:56","date_gmt":"2022-05-17T11:13:56","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years"},"modified":"2022-05-17T11:26:30","modified_gmt":"2022-05-17T11:26:30","slug":"agribank-takes-loan-repayment-to-30-years","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years","title":{"rendered":"Agribank takes loan repayment to 30 years"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>STATE-OWNED Agribank Namibia has extended the repayment period for loans given to Namibians for the purchase of farmland from 25 to 30 years.<\/b><\/p>\n

According to the bank’s spokesperson, Fillemon Nangonya, this is part of the bank’s financial inclusion agenda, with a special focus on the youth.<\/p>\n

Nangonya said all Namibians under 35, who purchase farmland through Agribank, now have up to 30 years to repay their farmland loans.<\/p>\n

\u201cThis represents a five-year extension from the usual 25-year period that is now only applicable to clients above 35 years of age,\u201d he said in the statement.<\/p>\n

Nangonya explained that the period extension was mainly for new clients.<\/p>\n

\u201cThis means that one would pay less in repayments over the 30-year period than one would if they take the same loan over 25 years,\u201d Nangonya said.<\/p>\n

Under the farmland purchase loan product, loans are advanced to purchase farmland and\/or additional land for agriculture-related activities that are instrumental in adding real enterprise value to the national economy.<\/p>\n

\u201cThis package is tailor-made for farmers seeking to ensure a well-developed and productive utilisation of the land, for food security and job creation,\u201d he said.<\/p>\n

Ministry of Agriculture, Water and Land Reform spokesperson Jona Musheko welcomed the development and said it would make it easier for the youth to get into agriculture.<\/p>\n

\u201cWe have no doubt that Agribank took an informed decision for the benefit of the youth and the country. This is one of the steps that will help Namibians, especially formerly disadvantaged youths, to acquire land,\u201d he said.<\/p>\n

Over the past few years, Agribank has embarked on a youth inclusive journey, providing loans on youth-friendly terms and conditions.<\/p>\n

In 2020, the pro-youth drive led to the introduction of the women and youth loan scheme, targeted at youths (both men and women) of 35 years and below, women of all age categories, and agri-professionals \u2013 both full-time and part-time farmers.<\/p>\n

Under the women and youth scheme, the target group is offered flexible collateral financing options, such as salary backed loans, whereby repayment can be through payroll deduction, contract financing and 100% loan-to-value collateral.<\/p>\n

Contract financing requires an off-take agreement between the applicant and a potential buyer\/off taker at the time of loan application.<\/p>\n

\u201cCorrespondingly, a tripartite agreement between the client, buyer, and Agribank is to be signed once the loan is granted,\u201d said Nangonya.<\/p>\n

The recent product review exercise added the provision of a debit order for the women and youth scheme, applicable when the payroll deduction agreement between employers and Agribank is not in place, and which is subject to the client’s affordability.<\/p>\n

Presidential adviser on youth matters Daisry Mathias said the action was a positive response by Agribank, in line with the government having prioritised the agricultural sector.<\/p>\n

\u201cNot only is the agricultural sector historically one of the top three highest employers of young people; but enhancing access to land ownership by young Namibians will go a long way to empowering the youth economically, as owners and managers of a productive economic asset,\u201d she said.<\/p>\n

\u201cYoung people must be assisted with the technical support and means to work the land, and make it productive,\u201d said Mathias.<\/p>\n

A big portion of Agribank’s loan book has been allocated to the funding of farmland.<\/p>\n

Local economist Salomo Hei said although the initiative was good, it remains an uncomfortable conversation that an average Namibian below the age of 35 would not be able to afford farmland.<\/p>\n

Namibians below 35 mostly do not have the necessary financial muscle to develop a farm, and concerns are that despite the initiative, uptake could be low.<\/p>\n

Hei asked what study was done to determine its affordability and said it would be better if the funds were rather targeted to working capital.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. STATE-OWNED Agribank Namibia has extended the repayment period for loans given to Namibians for the purchase of farmland from 25 to 30 years. According to the bank’s spokesperson, Fillemon Nangonya, this is part of the bank’s financial inclusion agenda, with a special focus on the youth. Nangonya said all Namibians under 35, […]<\/p>\n","protected":false},"author":84,"featured_media":19832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-19833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nAgribank takes loan repayment to 30 years - Namibia<\/title>\n<meta name=\"description\" content=\"STATE-OWNED Agribank Namibia has extended the repayment period for loans given to Namibians for the purchase of farml ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Agribank takes loan repayment to 30 years\" \/>\n<meta property=\"og:description\" content=\"STATE-OWNED Agribank Namibia has extended the repayment period for loans given to Namibians for the purchase of farml ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-17T11:13:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-17T11:26:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/05\/postQueueImg_28-6283865558efd.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"562\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Agribank takes loan repayment to 30 years\",\"datePublished\":\"2022-05-17T11:13:56+00:00\",\"dateModified\":\"2022-05-17T11:26:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years\"},\"wordCount\":631,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/05\/postQueueImg_28-6283865558efd.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/agribank-takes-loan-repayment-to-30-years\",\"name\":\"Agribank takes loan repayment to 30 years - 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