STAFF WRITER
Government will release an additional N$20 million to Agribank to support the implementation of the the National Youth Development Fund (NYDF)
The announcement was made by Prime Minister Elijah Ngurare after a recent visit to Agribank.
Initially Agribank received N$40 million for disbursement.
“Every successful enterprise starts with an idea. Our collective responsibility is to help young Namibians develop those ideas into viable and sustainable businesses,”Ngurare said.
Out of the N$40 million allocated to Agribank under the NYDF, approximately N$23 million has been approved benefiting 66 young people through youth led agribusiness.
The approved funding is concentrated in key agricultural sectors including poultry,
horticulture, piggery, agro-processing and aquaculture with projects spread across all 14 regions of the country, Agribank said in a statement on Friday.
The bank said approximately 1400 loan applications are currently under review, demonstrating the continued demand for funding under the NYDF and the Bank`s commitment to supporting youth participation in the agricultural sector.
Ngurare congratulated Agribank on its capacity-building contribution, including training and advisory support that has reached more than 70,000 farmers and placed over 300 farmers under mentorship since the programme’s inception in 2017.
Agribank is one of the development finance institutions mandated to implement the NYDF. The visit formed part of engagements with the Fund’s implementing institutions to gain first-hand insight into their operating environments,
implementation progress, challenges and opportunities.
The Prime Minister noted that the NYDF is intended to address historic barriers that have limited young people’s access to credit, and that past Government-supported agricultural programmes, such as the Affirmative Action Loan Scheme and Resettlement programmes.
Following a presentation by Agribank’s Executive Management, the Prime Minister expressed satisfaction with the Bank’s performance.
The Prime Minister called on Agribank to provide practical support to support the youth who may struggle to prepare viable business proposals and to strengthen training.
He underscored thatNYDF beneficiaries should be assessed in accordance with the Fund’s approved framework and no additional requirements, such as collateral or educational qualifications should be introduced.
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