Land Bank commended for drought relief measures taken to assist farmers
The Select Committee on Finance today heard the Land Bank on its corporate plan for the 2015/16 financial year. Although 11 months has passed, the Land Bank has presented its plan, emphasising that its executive leadership within the organisation is fairly new. However, its turnaround strategy focused on achieving its targets as set out at the beginning of the financial year.
Many parts of the country are currently undergoing extreme drought conditions and therefore the Land Bank must be commended for its interventions taken to provide relief and assistance to emerging and commercial farmers.
Some of the drought relief interventions for the farmers entail the carry-over of the debt facility for production credit, the granting of the repayment holiday depending on cash flow projections and the extension of the repayment period for the remaining term of the loan, among other things. Thus far R700m has been targeted for support for emerging farmers.
However, the Select Committee notes with concern that fraudulent activity to the tune of R50m occurred under the Agri-BEE Fund during 2006/2007. However, the Committee is satisfied with the steps taken by the Land Bank to address this issue as these cases are currently before the court, with one person being found guilty and convicted already.
On a positive note, the Land Bank has delivered on its mandate to achieve the level of financial sustainability which is required to be a key player in growing and developing the economy.
For media enquiries or interviews with the Chairperson, please contact:
Sureshinee Govender
Tel: 021 403 2239
Cell: 081 704 1109
