Agribank loans under-secured by N.dollars 341.3 million

Contributed by NAMPA.

WINDHOEK, 08 NOV (NAMPA) - The Agricultural Bank of Namibia (Agribank)’s loans are under-secured by N.dollars 341.3 million, a situation that exposes it to risks of financial losses, a report from the Auditor-General, Junias Kandjeke has revealed.
The information is captured in the bank’s 2017/18 audit report issued by Kandjeke and submitted to the National Assembly by Finance Minister, Calle Schlettwein on Wednesday.
“As at 31 March 2018, the bank’s loans were under-secured by N.dollars 341 276 ...