Restructuring to bring an end to Land Bank's debt default position

State-owned agricultural finance institution the Land Bank has concluded a debt restructuring solution with all its lenders, which will take effect on September 16, and effectively end its debt default position. Government provided R10-billion to stabilise the bank and alleviate the contingent liabilities through the settlement of the State-guaranteed lending, as well as to allocate R3.7-billion from these funds towards the Blended Finance Scheme to support the bank’s agricultural development and transformation mandate.