WINDHOEK, May 10 (Xinhua) -- Farmers in Namibia who are hard hit by the drought have been given a relief in settling their loans to the government owned AgriBank following declaration of the state of emergency by president Hage Geingob, the bank said Friday.
AgriBank Chief Executive Officer Sakaria Nghikembua announced that Agribank will now offer relief to farmers as national drought emergency.
AgriBank is a state owned Namibian bank used to assist farmers with financing.
Part of the relief include giving clients up to two years to repay the remaining amount.
"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," he said.
