Land Bank plans to borrow from World Bank

Land Bank wants to borrow R1 billon from the World Bank to fund developing-farming operations and expand its loan book.

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“Further meetings are to be held with representatives of the World Bank to seek their participation in the intended borrowings,” Jerome Mthembu, the bank’s chief legal officer, told Farmer’s Weekly.

Mthembu said the loan, if concluded, would assist in financing activities of emerging farmers.

He declined to say what the interest rate would be and why Land Bank wouldn’t rather borrow locally or from the African Development Bank.

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“The discussions are still ongoing until November, and the interest rate is quite affordable,” he said