Nearly N$54 million in agri loans approved

AGRIBANK loans of nearly N$54 million during the first three months of 2012 ensured more than 1 200 jobs.

A total of 163 loans worth N$53,7 million were approved during the first quarter, Agribank said in a statement yesterday. As a result, 489 permanent and 734 temporary jobs were created or maintained.The bank said loans approved were 21 per cent less compared to the first quarter of 2011. ‘This can be attributed to the persistent effects of the Euro crisis and the rising high fuel costs that increase the agricultural production costs,’ Agribank said.Fifty per cent of the loans were for the purchase of livestock, while 33 per cent went for buying farm land. Of the loans approved for farm land, 58 per cent were commercial loans and eight per cent were part of the Affirmative Action Loan Scheme .The National Agricultural Credit Programme for small-scale farmers in rural areas garnered 31 per cent, while farmers under the Post Settlement Support Fund received three per cent of the total approved.