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Land Bank helps create 15,000 jobs

The Land and Agricultural Development Bank of SA created 15,000 jobs in the agricultural sector in the year to March by providing finance for emerging farmers, the state-owned lender said.

The bank also reported a 10% rise in net interest income to R1.3 billion for the year, while net profit rose 13% to R347m. The strong performance came against subdued conditions in the agricultural industry, which included the worst drought in a century and a contracting economy marred by volatile exchange rates affecting commodity prices.

Land Bank chief executive Petrus Nchocho said: “We are happy 15,000 jobs in the agricultural sector were created through our involvement. However, overall we had set aside an R4.8bn loan disbursement for the period and R2bn went to emerging farmers.” The bank achieved some notable highlights during the year, including supporting farmers impacted by the drought with at least R100m under its Drought Relief Programme. It also increased support to female farmers, with 262 loans of R161m now on its books.

Source: SA Labour News