Third Line of Credit to Agribank


Project Summary

Approval Date 29 Sep 2004
Signature Date 05 Apr 2005
Planned Completion Date 04 Oct 2007
Last Disbursement Planned Date 31 Dec 2007
Sovereign / Non-Sovereign Non-Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 8,108,649.54
Status Completion

Project General Description

The present project concerns the third line of credit to Agribank. It's intended to provide support to Namibia’s national efforts to correct the historical injustices arising from agricultural land ownership and to supplement these efforts with the provision of the necessary means to the new land owners to economically exploit the land. The proceeds of the third line of credit shouls be on-lent to agricultural and agro-allied sub-project ventures that include rain-fed as well as irrigated agricultural activities including traditional and non-traditional activities such as livestock and game farming. The LOC proceeds should finance the acquisition of farmland, capital goods, improvements and/or expansions of existing activities, agricultural equipment, implements, inputs and related activities needed for the implementation of eligible sub-projects. This Line of Credit should in general be targeted mainly to emergent/embryonic farmers (previously disadvantaged and margrnahzed communal farmers), women farmers as well as conunercial farmers countrywide to finance: (i) farmland; (ii) livestock and game purchases; (iii) water installations and other infrastructures; (iv) agricultural machinery and vehicles; (v) aquaculture and fish processing facilities.

Project Objectives

The objective of the Third Line of Credit to Agribank is reduction of poverly among the vulnerable groups, improvement of food security at the poor household level and concerning debt management, cause that adequate budgetary allocations are approved so that arrears to the Borrower bv the Guarantor will be cleared bv 31 December 2006.

Beneficiaries

The most important beneficiary group of the proceeds of the third line of credit should be a targeted 800 (at least 250 are expected to be women) emergent/embryonic farmers i.e. former communal farmers that have proven to be capable through their accumulation of wealth in the communal areas and are thus graduating to commercial farming through their acquisition of farmland in freehold tenure areas situated mostly in the center and south of the country.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NA-HAA-003
Last Update 19 Oct 2020

Export

Contact Details

Name DUROWOJU Raubil Olaniyi
Email r.durowoju@afdb.org

Geographic Location

Country Namibia