Prime Minister Elijah Ngurare has commended Agribank for the progress achieved in implementing the National Youth Development Fund (NYDF) and announced that the Bank will receive an additional N$20 million on top of the allocated N$40 million to expand financing.

The additional funding will enable the bank to provide and further expand training for youth-led agricultural enterprises.

The announcement was made during the Prime Minister’s recent visit to Agribank, which is one of the development finance institutions mandated by government to implement the NYDF.

The visit formed part of engagements with the Fund’s implementing institutions to gain first-hand insight into their operating environments, implementation progress, challenges and opportunities.

Ngurare emphasised that agriculture remains a key priority of the eighth administration.

“Every successful enterprise starts with an idea. Our collective responsibility is to help young Namibians develop those ideas into viable and sustainable businesses. We also need to develop synergies among government and other stakeholders to unlock greater impact for young entrepreneurs,” he said.

He noted that the NYDF is intended to address historic barriers that have limited young people’s access to credit.

Following a presentation by Agribank’s executive management, the Prime Minister expressed satisfaction with the Bank’s performance.

Access to funding 

Of the N$40 million allocated to Agribank under the NYDF, approximately N$23 million has been approved, benefitting 66 young people through youth-led agribusiness.

The approved funding is concentrated in key agricultural sectors including poultry, horticulture, piggery, agro-processing and aquaculture, with projects spread across all 14 regions of the country.

In addition, approximately 1 400 loan applications are currently under review, demonstrating the continued demand for funding under the NYDF and the Bank’s commitment to supporting youth participation in the agricultural sector. Highly impressed and pleased with Agribank’s strong performance on NYDF, Ngurare further applauded Agribank for its capacity-building contributions, including training and advisory support that have reached more than 70 000 farmers and placed over 300 farmers under mentorship since the programme’s inception in 2017.

He also called on Agribank to provide practical support to the youth who may struggle to prepare viable business proposals and to strengthen training.

Ngurare emphasised that NYDF beneficiaries should be assessed in line with the Fund’s approved framework, and that no additional requirements, such as collateral or educational qualifications, should be introduced.

“Youth are the future of our country. They should not face unnecessary delays when applying for support. Faster access to finance will help them become productive farmers and contribute to the economy. The bank should identify young people with the passion to farm and help them become successful commercial farmers,” said the Prime Minister.

-ohembapu@nepc.com.na