Among the priorities identified was the Land Bank, and our aim was to turn around and refocus the Land Bank to ensure that it delivers on its mandate, particularly its contribution to promoting previously disadvantaged individuals in the agriculture sector, development in the agriculture sector and AgriBEE, and that it remains sustainable. Support to the previously disadvantaged communities by the Land Bank should assist Government in the redistribution of 30% of agricultural land by 2014 and other land reform objectives.
Government has reaffirmed its support to the Land Bank by extending a capital guarantee of R1.5 billion, and a further cash injection of R700 million to support its turn around strategy and to provide a prudent level of capital adequacy to ensure that the Bank fulfils its mandate.
As a shareholder of the Land Bank I am taking active interest in the turn around strategy of the Bank. As such, I have seconded a team to the Land Bank to strengthen the Board and management capacity in implementing the turn around strategy. The Board has welcomed this support. This is in line with the ongoing government's project to review the operations and current mandates of the country's development finance institutions.
Issued by:
Minister of Agriculture and Land Affairs
Ms Luluma Xingwana
Media Queries:
Godfrey Mdhluli
Media Liaison Officer
Cell: 082 418 1823
