The Agricultural Bank of Namibia (Agribank) has commenced with the N$104,6 million drought relief initiative for its clients.
This was announced by Agribank chief executive Raphael Karuaihe at a media briefing in Windhoek on Wednesday.
The relief, which will be paid in the form of an instalment, and for Agribank clients with farmland and livestock only, will benefit a total of 1 134 clients out of 2 634 farmers.
Karuaihe said the bank will waive the penalty interest of N$83 million for all clients in arrears for the financial year from April 2024 to March 2025.
“We are facing challenging times for both our clients and the bank. We want both to survive and we are trying to balance many considerations to ensure our clients receive some scope to make it through this difficult period,” Karuaihe said.
Read more in tomorrow’s edition of The Namibian.
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