Awaiting South African Bailout, Land Bank Locks Out Farmers

One of the biggest lenders to South African farmers can’t take on new clients or meet half the needs of existing customers until it gets another government bailout to keep operating, Bloomberg News reported. The state-owned Land and Agricultural Development Bank has asked the National Treasury for 7 billion rand ($455 million) to ease its cash woes and reduce debt. The Pretoria-based institution resumed interest payments on its borrowings in August after getting 3 billion rand from the government, but isn’t yet able to meet capital repayments. Read more