R1bn AfDB credit to generate 16 000 new agri jobs

The AfDB's private sector and micro-finance department director, Tim Turner said in a statement that the line of credit from the AfDB "will be dedicated to the agricultural sector which is generally labour-intensive," adding that assistance is expected to benefit "low-skilled workers, especially with the Land Bank's focus on emerging farmers."

The support will be also used to assist agricultural co-operatives and agri-related businesses; helping mobilise financial resources, ultimately contributing to job creation and income generation. The projected 2 700 loans to be given to emerging farmers are expected to generate some 14 000 jobs, Turner said, while the financing to the commercial farmers, cooperatives and agri-related businesses is expected to create at least 2 000 jobs.

SAinfo reports that the AfDB credit facility also includes a technical assistance component for capacity building, enabling the government to support, promote and facilitate the development and transformation of the agricultural sector in South Africa.

Read the full article on www.southafrica.info.