THE state-owned Agricultural Bank of Namibia (Agribank) on Monday launched a women and youth loan scheme with relaxed conditions of funding to encourage participation and enhance financial inclusion.
In a statement released yesterday, the bank noted that most women are unable to access affordable financing for farming purposes, while current financing for the youth is not at an optimal level.
The purpose of the scheme is to promote financial inclusion, economic empowerment, employment creation and to stimulate the country’s economic growth.
The target group can benefit from all Agribank loan products with the exception of debt take-over and debt consolidation. However, preference will be given to climate-resilient projects, agro-processing, poultry and intensive farming projects.
Candidates eligible for this scheme are women and young Namibians or permanent residents aged between 18 and 35 years. The entry age is capped at 18 years and, in case of partnerships, 80% of the partners should be between 18 to 35 years to qualify.
In the case of limited companies, 80% of the directors should be in the same age bracket, while there is no age limit for women and professionals in agriculture and related fields.
Other requirements of the scheme include business registration, licences or permits, certificate of incorporation, memorandum and articles of association and identification documents for all the directors.
New and existing businesses are eligible, subject to financial viability and development impact.
Speaking at the launch of the scheme, the deputy minister of information and communications technology, Emma Theofelus, commended the bank for initiating the scheme.
“It’s pleasing to know that Agribank has taken a bold step to encourage women and youth by designing a scheme that furthers the objectives of financial inclusion as you all are aware that agriculture is the backbone of our economy and a source of sustenance of many livelihoods in Namibia,” she said.
She urged women and the youth to use the opportunity provided by the Agribank to empower themselves and become successful agripreneurs.
“Let’s show our elders that we too can make a difference and that we can take up farming as a business, not only to sustain ourselves but contribute to the national food security as well,” she added.
