South Africa Assists Flood-And Drought-Hit Farmers

South Africa has allocated 750 million rand ($108 million) to assist farmers affected by floods and drought in some parts of the country, state-owned Industrial Development Corporation (IDC) said March 1.

IDC said in a statement 250 million rand would be allocated via financial provider Land Bank for primary agriculture, and 500 million rand would be made available through IDC directly for agro-processing companies.

IDC said businesses have until February 2012 to apply for the relief, which is repayable over a 10-year period.

Industry officials say floods in South Africa have cost the farming sector about 2.8 billion rand in damages this year, and farmers were hoping for a government bailout.

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