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Pretoria - The Land Bank's turnaround strategy in the past two years yielded some positives, but mainly on the administrative and operational side, rather than on its true task of alleviating poverty, CEO Phakamani Hadebe said on Friday.
Addressing a national press club briefing in Pretoria, Hadebe said that at the end of the financial year in March the loan book stood at R13.4bn, with 75% going to corporate farmers.
The other 25% was split 60-40 in favour of small commercial farmers, erring on the side of loans for emerging and developing, predominantly black, farmers.
"We have turned a corner, but the number of people out of the poverty line, we are still far from that," he said.
Hadebe said on his appointment two years ago, he faced a "real mess". The situation was now different because there was more
commitment from the bank.
Investors were also beginning to return, with a current figure of 40% foreign new investments.
"We are beginning to see a new culture which is positive."
Since the bank had been relocated from the agriculture department's oversight to that of the treasury, confidence was also building that loans provided were secured.
Investor confidence was also higher.
There had also been a decrease in non-performing loans and farmers were "coming back" and wanting to recapture what belonged to agriculture.
Referring to developments so far, Hadebe said: "We were in ICU, but we are out of the ward; we have been discharged, but we still need to take medication."