Helmke Sartorius von Bach | Jul 1, 2020 | 0
AgriBank announces relief packages for COVID-19 affected farmers
AgriBank this week announced how the agricultural sector can be supported following the stimulus packages which were recently allocated by Minister of Finance.
Agribank CEO Sakaria Nghikembua in a statement said the bank has set aside an amount of N$200 million in loans to be disbursed to farmers who are affected by COVID-19.
According to Nghikembua, the assistance package includes payment holidays for 12 months and interest relief.
Further relief is inter alia that all interest rates above 8,5% with 0,5%, rates between 8,1 and 8,49% to 8% be reduced and rates under 8% remain the same, he said.
Meanwhile, he added that the penalty interest will be reduced from 2% to 1,5% during this relief period.
Nghikembua said these relief packages are valid from 1 June to 31 May 2021.