Business: Land Bank Solicit For Over R10 Billion Bailout

Last updated on September 11th, 2021 at 08:19 am

The Land Bank is seeking and soliciting for for over R10 billion bailout, in the wake of the the coronavirus Pandemic which as took business entities by shock.

The agricultural organization wants the government to come to their aid so as to loan them R10 billion which will be paid over the next few years.

The financial institution proposed R7bn from the authorities in 2021/22, and R1bn a 12 months for the following three financial years, the Land Bank stated in a presentation released on Friday on its website.

The bank additionally planned an asset discount programme.

The Land Bank is one of a variety of state-owned corporations searching for monetary assistance.

The National Treasury said last month that the Post Office, the SABC and Airports Company South Africa were in search of R10bn in bailouts.

Its new strategy entailed providing R1bn of annual equity funding for the bank’s developmental mandate, and decrease debt to less than 400 percent of internet debt to equity.

Other elements of the new approach involved expanded access, advertising and visibility, expanded services across the agriculture value chain, the provision of transactional banking merchandise and services and the leveraging of nation land to beautify the collateral position.

(IOL)