IDC gives R750m for farmer relief

2011-03-01 13:12

The Industrial Development Corporation (IDC) is giving R750 million to farmers affected by the recent flood and drought.

“Many farmers have been affected by extreme weather conditions and require urgent financial assistance,” the IDC’s head of agro industries Rian Coetzee said today.

Coetzee said applications would be considered from farmers who had been affected as a direct result of the floods and drought.

“Funding can only be used to finance the replacement and or repair of non-insured infrastructure,” he said.

“It can also serve as emergency working capital required to prevent further losses to current farming operations.”

Some R250 million of the money is to be used for primary agriculture. The other R500 million is for agro-processing companies.

Land Bank strategy officer, Andrew Makenete, said the facility would go a long way towards helping farmers in need since natural disasters were very difficult both to predict and plan for financially.

The Land Bank would continue to play an active role in drought and flood relief, especially to reduce the financial burden experienced by both developing and commercial farmers from such disasters, he said.

Businesses have until February 1 next year to apply for flood and drought relief.?Funding will be limited to R25?million per transaction and is repayable over 10 years.

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