The South African government’s Industrial Development Corporation (IDC) is giving out US$108 million (RND750M) to farmers affected by recent extreme weather events, reported Citypress.co.za.

Rian Coetzee

The IDC’s head of agro industries Rian Coetzee told the website many farmers were affected by drought and flood and required urgent assistance.

“Funding can only be used to finance the replacement and or repair of non-insured infrastructure – it can also serve as emergency working capital required to prevent further losses to current farming operations,” he was quoted as saying.

The story reported US$36 million (RND250 million) would be for primary agriculture while the rest would be directed to agro-processing companies.

The application window will last until Feb.1 next year and funding will be limited to RND25 million per transaction with repayment periods of 10 years, the story reported.

Photo: www.agri2010.com.na

Source: www.freshfruitportal.com