The Agricultural Bank of Namibia (Agribank) on Friday officially inaugurated its newly revamped office building at Otjiwarongo in the Otjozondjupa Region.

The building situated in Dr Hage Geingob Avenue was originally built in 1997.

Otjozondjupa Governor, James Uerikua inaugurated the revamped building in the presence of board members of Agribank, farmers and the 15 bank officials stationed here.

Uerikua encouraged Agribank to continue providing affordable financing to promote agriculture and food security in the country.

“I am delighted to join you in celebrating this inauguration right here in the heart of a high potential agricultural area where both livestock and crop farming are flourishing,” he said.

Agribank board deputy chairperson, Dagmar Honsbein on her part said the building was renovated at a cost of N.dollars 5.2 million, and will continue to serve farmers in the Otjozondjupa, Erongo and Kunene regions.

Honsbein wants to see Agribank expanding its services to biomass, specifically targeting charcoal and animal feed production activities.

According to Agribank Chief Executive Officer Raphael Karuaihe, the office serves over 2 700 clients and was revamped to improve customer service and increase its visibility.

He said the Otjiwarongo branch is dedicated and has financed communal farmers with no collateral with a total loan of over N.dollars 1.8 million.

Karuaihe said the same office also provided loans to 13 beneficiaries of the newly introduced women and youth loan scheme at over N.dollars 10 million.

“The office has a loan book value of more than N.dollars 1.1 billion with the capacity to offer loans to farmers who want to purchase farmland and those interested in livestock, poultry, crop and aquaculture farming,” said Karuaihe.

The bank also provides loans to farmers who want to purchase farming implements or improve the farming infrastructure on their farms, he said.

Agribank has a satellite office in Grootfontein targeting farmers in areas of Tsumeb, Otavi, Grootfontein and Tsumkwe.

Source: The Namibian Press Agency