The Land & Agricultural Development Bank of South Africa has successfully concluded a debt restructuring agreement with its lenders, set to take effect on September 16, 2024, effectively ending its four-year debt default. The government provided R10 billion to stabilize the bank, which included addressing contingent liabilities and supporting its agricultural development mandate. The bank's outstanding debt has reduced significantly from R45 billion in 2020 to approximately R16 billion, with an immediate capital reduction of R4 billion as part of the restructuring. The Land Bank aims to remedy its high rate of non-performing loans, which currently account for over 50% of its loan book, by supporting clients with potential for productive agricultural activities. Chairperson Thabi Nkosi and CEO Themba Rikhotso emphasized the importance of a sustainable recovery path for the bank, which plays a crucial role in financing South Africa's agricultural sector.