News of the Land Bank’s R50bn debt default reached the markets just as Covid reared its head in March 2020. It was a delicate period around the world and — unbeknown to many — the start of large-scale disruptions to the world’s supply chains. Food value chains were about to be stretched to their limits. It was a bad time, in other words, for an agricultural lender to find its borrowing and lending activities curtailed.
Fast-forward 2½ years, and the 110-year-old institution has yet to cure the default. The Treasury has the money to effect the remedy; it set the funds aside in the February 2021 budget. But, according to the October medium-term budget policy statement, not all the conditions for the release of R5bn in funds have been met...
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The Land Bank’s long trek out of defaultThings are looking up for the Land Bank after its 2020 debt default. But a return to developmental over commercial finance brings increased risk, and will require additional state funding
Source: FinancialMail - 🏆 20. / 63 Read more »
The Land Bank’s long trek out of defaultThings are looking up for the Land Bank after its 2020 debt default. But a return to developmental over commercial finance brings increased risk, and will require additional state funding.
Source: FinancialMail - 🏆 20. / 63 Read more »
The Land Bank’s long trek out of defaultThings are looking up for the Land Bank after its 2020 debt default. But a return to developmental over commercial finance brings increased risk, and will require additional state funding
Source: FinancialMail - 🏆 20. / 63 Read more »