Land Bank seeks R10bn more in state support

South Africa’s struggling state agricultural lender Land Bank has asked government for an additional R10 billion ($603 million) of financial support over the next few years to help it return to sustainability, the bank told Reuters.

“We have proposed R7 billion in 2021/22, and R1 billion per annum for the following three financial years for development. However, this is still subject to consideration of the National Treasury and following of government’s due budgeting processes,” Land Bank said in response to questions.

Land Bank defaulted on its debts in April and has been in talks with creditors over a restructuring.