File picture: Leon Lestrade.

CAPE TOWN –  Finance Minister Tito Mboweni announced that the government will be supporting the private sector with investments in agriculture by allocating R1.8 billion for the implementation of 262 priority land-reform projects over the next three years.

He made the announcement during his Budget Speech in the National Assembly in Cape Town today.

Mboweni said: "A robust debate on land is taking place in South Africa. We are supporting private sector investments in agriculture by emerging farmers. R1.8 billion is allocated for the implementation of 262 priority land-reform projects over the next three years."

He also stated that R3.7 billion will be set aside to assist emerging farmers seeking to acquire land to farm.

According to Mboweni, further support from the Land Bank will ensure that smallholders and leverage partnerships will form with other financial institutions as it aims to disburse R3 billion in the next fiscal year.

BUSINESS REPORT ONLINE