By Thapelo Molefe
The government has reaffirmed its commitment to supporting the Land Bank’s turnaround strategy, following the successful conclusion of a landmark debt restructuring solution with all its lenders.
Finance Minister Enoch Godongwana announced on Monday that the government had provided R10 billion to help steady the situation.
“Government provided R10 billion to stabilise the situation and alleviate the state’s contingent liabilities through the settlement of the state-guaranteed lenders, and to allocate R3.7 billion from these funds towards the blended finance scheme to support the bank’s agricultural development and transformation mandate,” Godongwana told reporters on Monday.
He added that the government had also ensured that the bank found self-help measures while keeping fiscal support to a minimum. He said moving forward, the bank’s funding model remained a priority.
The move comes after the Land Bank successfully concluded a landmark debt restructuring solution with all its lenders, paving the way
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