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Land Bank loan book swells to R26bn

Johannesburg - The Land Bank grew its performing loan book by 26.2% to R26.5bn by the end of March, CEO Phakamani Hadebe said on Monday.

Hadebe said in a statement this was an increase from the R21bn figure in 2011/12.

"This is particularly laudable given the growth levels experienced in the previous year where performing loans grew by a significant 54.5%, especially against the prevailing global economic challenges."

The Land Bank also launched the Emerging Farmer Support Facility project, which aimed to help "distressed farmers" and struggling emerging farmers meet their loan obligations.

The project saw 16 out of the 238 identified farms being "resuscitated" during the reporting period.

"Of the remaining farms, 65 were offered to the department of rural development and land reform, while 37 loans were settled."

Hadebe said the Land Bank had contributed R38.4bn to the country's gross domestic product.

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