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MAFISA 4 TH QUARTER EXPENDITURE REPORT FOR THE 2009/10 FINANCIAL YEAR

MAFISA 4 TH QUARTER EXPENDITURE REPORT FOR THE 2009/10 FINANCIAL YEAR. S26 NCOP BUILDING, PARLIAMENT 10 th AUGUST 2010.

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MAFISA 4 TH QUARTER EXPENDITURE REPORT FOR THE 2009/10 FINANCIAL YEAR

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  1. MAFISA 4TH QUARTER EXPENDITURE REPORT FOR THE 2009/10 FINANCIAL YEAR S26 NCOP BUILDING, PARLIAMENT 10th AUGUST 2010

  2. MAFISA is operated as an apex system where existing or potential financial intermediaries who are recognised as credit providers in terms of the National Credit Act were accredited as financial intermediaries to retail MAFISA funds. Currently, 10 financial institutions have been accredited of which 8 are fully operational and each signed a participation agreement with the DAFF in the year 2008 and 2009 respectively for purposes of retailing production loans to emerging farmers and other qualifying applicants. Existing agreements signed with institutions are that transferred funds revolve within the accredited institution on a dedicated MAFISA account over a period of five years. BACKGROUND

  3. Participating institutions provide performance reports on a monthly and quarterly and annual basis. For 2009/10 the set target was to accredit 12 financial institutions as MAFISA retail intermediaries Department staff performs monthly monitoring and inspection to funded projects and internal inspection on dedicated MAFISA accounts within participating institutions. The types of enterprises funded includes livestock, field crops, vegetables, poultry, ostrich, sugar cane and grapes production etc. Interest rate charged is 8% CONTINUED

  4. Scheme budget was as follows: 2005/06 144,000 2006/07 196,000 2007/08 248,000 2008/09 22,1* Allocation was R243,1m funds were reprioritized for ILLIMA projects 2009/10 367,000 TOTAL977,000 Committed for MAFISA to date 520,000 Transferred to intermediaries 240,000 for production loan purposes Remainder 336,000 reprioritized for mechanization programme, 146,000 reprioritized to address distressed farms MAFISA BUDGET ALLOCATION

  5. JANUARY-MARCH 2010 QUARTER (4) PERFORMANCE

  6. Table 1: 2009/10 Performance per Accredited Institution

  7. Table 1: 2009/10 Performance per Accredited Institution

  8. Since inception a total of 11000 emerging famers access production loans from MAFISA To date 560 direct jobs created and 7 500 job opportunities created through seasonal labour Average repayment rate is currently standing at 75% IMPACT OF THE SCHEME

  9. I THANK YOU THE END

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