Agri-empowerment for women and youth

20 October 2020 | Agriculture

Relaxed conditions to encourage participation and enhanced financial inclusion is the basis of Agribank’s newly launched loan scheme for women and the youth.
The bank decided to launch this scheme given that many women are unable to access affordable financing for farming purposes, while current financing for the youth is not at an optimal level.
Speaking at the launch, the deputy minister of information and communications technology, Emma Theofelus commended Agribank for initiating the scheme noting that these financial solutions are developmental in nature, “It is 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 are aware, agriculture is the backbone of our economy and a source of sustenance of many livelihoods in Namibia,” she said.
She therefore urged women and the youth to make use of this opportunity 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.”
“The purpose of the scheme is to promote financial inclusion, economic empowerment, employment creation as well as to stimulate Namibia’s economic growth,” said Agribank’s Manager: Marketing and Communication Rino Muranda in a media release.
He said that eligible candidates that are set to benefit from this scheme are women and young Namibians or permanent residents aged between 18 and 35 years. New and existing businesses are also eligible, subject to financial viability and development impact. The target group can benefit from all Agribank loan products with the exception of debt take-over and debt consolidation, but preference will be given to climate resilient projects, agro-processing, poultry and intensive farming projects.