The Agribank of Namibia has revealed that it disbursed loans worth N$438 million to 701 applicants in the 2019 financial year, an increase from N$358 million advanced in 2018.
“From the loans, we managed to create and maintain 46 816 jobs, an increase from 45,232 jobs last year,” Agribank CEO, Sakaria Nghikembua said.
He said of the loans advanced, N$50 million was to the youth, N$41 million exclusively to female applicants and N$30 million to communal farmers without collateral.
The bank’s loan disbursement figures showed Otjozondjupa region was the biggest beneficiary of loans, with N$95.6 million advanced to farmers in the region, a 56 percent increase from last year’s figure of N$61.4 million.
Khomas and Oshana regions, saw loans advanced to farmers declining by 55 percent and 44 percent respectively.
//Kharas region was advanced loans valued at N$72.9 million in the 2019 financial year, a 230 percent increase from last year’s figure of N$22.1 million.
Hardap farmers were advanced N$61.7 million in loans from N$41.7 million in prior years, a 48 percent increase.
In the period under review, the bank’s loan book increased by 15 percent to N$2.8 billion, while its surplus for the year surged 87 percent to N$56 million.
The company’s total assets for the first time breached the N$3 billion mark, from N$2.8 billion last year.
In terms of collections, the bank managed to collect N$296 million in the period under review, of which only N$4.3 million was from external debt collectors.
“We have managed to build our internal capacity and do not have to rely on external services,” the Agribank CEO said.