South Africa’s proposed new policy of seizing privately-owned land without compensation could torpedo the country’s economy if farmers stop investing and paying off debts, the state-owned Land Bank has warned.

Bosses said the government’s new decree on land reform could trigger defaults that would cost the economy £2.2bn if the bank’s rights as a creditor are not protected.

Land Bank is an agricultural bank guided by a government mandate to provide financial services to the commercial farming sector and agri-business.

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