Praise for the Land Bank from Finance Minister

| October 19, 2012 | 0 Comments


Pravin Gordhan, Finance Minister has gone on to praise the Land Bank for its work. He has been quoted as citing that the Development Finance Institutions, also referred to as the DFIs are very crucial tools which can be used during extremely uncertain economic times. The DFI’s involvement became evident in the economy when the South African economy was not able to deliver enough job opportunities. This was evident thanks to the mark-able slowdown in the country’s work recruitment and the outsourced labour. The minister went to point out that the agricultural sector of the economy is an area which will require much work thanks to historical imbalances.

He said that there was a need to continue developing the industry so that the field could be truly transformative and a rich source of innovation. When the Land Bank’s end of the year approached, more than 13 000 new jobs were created. These opportunities were made possible making use of various labour broker firms which continues to support a lot more jobs than that of internal HR departments.

The bank has also now created a brand new division of the bank which is referred to as the Retail Emerging Markets. This aim is to support as well as encourage owners of small farms to become much more commercialised which would then serve to create even more job opportunities seeing since the labour would then need to be outsourced. Ben Ngubane, chairman of the Land Bank was also proud of the bank’s major contribution to job creation in the year that was.

He went on to highlight the board’s growth achievement which they aimed for and then their profitable business model which is both sustainable and attainable. In the previous fiscal year the bank’s profit actually rose by an impressive 46.8 per cent. They attributed this amazing growth to their borrowing plan and increased growth in loans. Ngubane went on to point out that investors are also becoming interested in the Land Bank once again thanks to these positive forecasts.

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