Agribank reaffirms commitment to agri events

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Agribank reaffirms commitment to agri events

As a strategic player in the agriculture sector, Agribank continuously supports the agricultural sector in the country as part of its mandate to promote growth and development of the sector.  

Agribank’s support is not limited to its core mandate of financing agriculture and agriculture related businesses, but also takes interest in socio-economic issues that do not necessarily have an impact on financial performance of the bank.

This was reflected in a media statement issued last week, in which the bank reaffirmed its commitments towards providing sponsorship to support local agriculture shows and exhibition events countrywide.

Agribank said it strongly believes that support to such events does not only promote brand visibility, generate sales leads but it also serves as a platform for farmers and all stakeholders across the value chain to share information experience to improve productivity and sustainability of the agriculture sector. 

The shows and fairs provide an opportunity for farmers to market their produce and generate income and for other players across the value chain to showcase inputs, services, technologies and innovation necessary for the growth and development of the sector and the economy at large, the bank said.

“Agribank therefore recognises these opportunities, and thus has taken a deliberate decision to support local agricultural shows and exhibition events through its corporate social responsibility (CSR). Through this avenue, the bank is ploughing back to the community while also stimulating business activities in the agriculture industry and the country at large,” reads the media statement.

For the past financial years 2019/2020, 2020/2021, and 2021/2022, the Agribank has spent an amount of N$1.066 million towards its corporate social responsibility. The CSR investments focused mainly on supporting livestock auctions, horticulture production, agro-processing, and farmers’ support services. 

“The social responsibility support was not only provided to agricultural shows and exhibitions, but a substantial amount also went into agricultural projects and initiatives such as community and school gardens, aimed at uplifting sustainable community food security programmes and entrepreneurial capabilities. In addition, industry partners such as farmers’ unions, consortiums, congresses, and cooperatives also formed part of the beneficiaries of the corporate social responsibility fund of the Agribank,” said Agribank.

The bank noted that it is always inundated with requests for support and sponsorship from various institutions and groups. However, considering the difficulties within the business environment that the bank operates in, the process of allocating funds ensures an equitable distribution of resources across all the 14 regions of the country. 

The bank also proactively looks for strategic agriculture events and projects for possible support and sponsorship, in line with its policy and procedures.