Over and above Standard Bank’s involvement with various initiatives (such as operation Hydrate) to cushion the devastating impact of the drought, the Bank has also now via its Agribusiness unit contributed a significant amount to the drought relief fund managed by Agri SA.
The agricultural industry has come under enormous pressure due to the impact of the drought. Now with winter upon us, it will remain a challenging environment for some of the livestock farmers as there still is inadequate feed for the animals in large parts of the country. Hence, at Standard Bank we wanted to be part of the collaborative effort to keep the farmers in business and on the land, contributing to food security. Further, in the midst of the record high unemployment levels, it is also important that we keep farmers in business and subsequently preserve jobs. We therefor would like to express our support to Agri SA’s efforts to counter the impact of the drought at farm gate level.
As the farmers in the summer rainfall regions prepare for the next production season, the Bank will within the framework of the relevant regulatory environment in which we consider lending, assist our agricultural clients on a case-by-case basis, taking cognizance of the impact of the drought on every specific case and explore all avenues and alternatives to keep farming businesses as a going concern.
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