Futuregrowth has lifted the suspension of lending activities to the Land Bank with immediate effect. This follows an extensive review of the governance and investor protection mechanisms of the institution during the last three weeks.
The announcement follows the Bank’s pro-active and constructive engagement with a large group of current and potential funders, including Futuregrowth, where matters and concerns relating to the governance and independence of the organisation were discussed in detail.
As part of the engagement with Futuregrowth, some recommendations have been collectively put forward regarding enhanced transparency and public disclosures relating to governance structures. These enhancements are viewed in a positive light and have been welcomed by the Land Bank.
Land Bank remains determined to maintain the highest levels of corporate governance, independence of decision-making and to protect the interests of its funders. Futuregrowth is a key development partner of the Bank and we look forward to further strengthening our relationship with them and all our funders. Their invaluable support remains critical to achieving our mandate and objective of supporting the growth of both the agricultural sector and the South African economy.