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Agribank announces two-part drought relief initiative for farmers

Agribank announces two-part drought relief initiative for farmers

Agricultural lender, Agribank, has announced a two-part drought relief initiative which will commence on Monday next week.

The initiatives will offer relief and support to farmers countrywide following President Hage Geingob declared a state of emergency over drought in the country.

Agribank said the first intervention is a payment relief on both arrears and installments for the current year, stating that clients who are in arrears will be required to pay 45% of their arrears after which the remaining arrears will be capitalised.

The bank added that an additional two years will then be added to the client’s loan period in order to give them more time to repay the remaining amount. The bank however recognizes that clients might not be able to pay the required 45% in one go, therefore it allows clients to pay off this amount in manageable amounts until 30 September.

“Similarly, clients who anticipate that they will not be able to settle their annual instalments in full for the current year will be required to settle 60% of the instalment due, with the remaining 40% being capitalised. As with the arrears payment, an additional two years will be added to the client’s loan period to make payment more affordable over time,” said Sakaria Nghikembua, Chief Executive Officer at the bank.

The second intervention is drought relief loans which will be offered to clients who have fulfilled the payment relief requirements and can be used for various drought related needs such as the purchasing of fodder, the drilling of boreholes or rehabilitation of boreholes or other water infrastructure, adaptive income streams such as wood and charcoal production and bush-to-feed-making equipment.

“We are facing challenging times for both our clients and the bank. We want both to survive. We are trying to balance so many considerations to ensure our clients receive some scope to make it through this difficult period. We certainly wish we could do more but resources are limited. For the bank, our main source of funds is loan repayments by our clients. This means that total repayment relief is unfortunately not an option at this stage. But we believe we have done our best to assist our clients. We will maintain a flexible approach in our discussions with each client’, adding ‘given the urgency of the situation we have set up a war-room to deal with peculiar cases or queries which the branches might not be able to immediately deal with. This team will meet regularly to consider any such requests from the branches and provide feedback within 36 hours,” Nghikembua said.


 

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.