The Agricultural Bank of Namibia (Agribank) and the Namibian Agronomic Board (NAB) have announced yesterday the signing of a Memorandum of Understanding to collaborate in interventions aimed at developing the agronomic and horticultural industry in Namibia.
In a joint statement the two institutions stated that their roles are inter-linked since both aim at growing the agriculture industry in the country.
“The objective of Agribank is to promote agriculture and related activities by lending money to persons and financial intermediaries through providing affordable and innovative financing,” said Agribank’s CEO Dr. Raphael Karuaihe.
“Similarly, the NAB is established to promote the agronomy and horticulture industry, and to facilitate the production, processing, storage, and marketing of controlled products in Namibia,” added NAB’s CEO Dr. Fidelis Mwazi.
In the Memorandum of Understanding, Agribank and the NAB intend to collaborate on specific activities aligned to their respective mandates.
The two institutions agree to transform small-scale farmersthrough scaling-up programmes in agronomy and horticulture production, value addition, and connecting them to formal markets and services for expansion.
Promoting the adoption of relevant technologies and climate resilient strategies amongst agronomy and horticulture farmers in Namibia, also serves as another area of collaboration.
Additionally, the scope of the Memorandum of Understanding covers risk assessment of loan applicants who want to venture into production, value addition and storage of agronomic and horticultural products, while also evaluating the need for new loan products across the agronomic and horticultural value chain.
The two institutions will also share information relevant to the core business of each party and collaborate in hosting of capacity building activities to enhance the knowledge and skills in production for farmers, individuals or small and medium enterprises.
At the signing ceremony, Agribank’s Chief Executive Officer, Dr. Raphael Karuaihe, said “Agribank is committed to the mandate and will continue to play its part in not only promoting horticulture and agronomy, but the agriculture industry as a whole.”
On his part, NAB Chief Executive Officer, Dr. Fidelis Mwazi, underlined the importance of the agreement, highlighting that “the MoU demonstrates NAB’s vision of becoming a world class regulator of a vibrant, diversified and sustainable crop industry, as such, we are excited to be part of this collaboration.”
The Memorandum of Understanding is valid for five years from the date of signature, with the option for renewal at the end of the term.
In the photo: From left to right – Dr. Fidelis Mwazi, CEO: Namibian Agronomic Board, and Dr. Raphael Karuaihe, CEO: Agribank.