BEE financing under discussion

BEE financing under discussion

THE private sector yesterday made another attempt to discuss the recurring thorny issue of black economic empowerment (BEE), focusing mainly on financing BEE projects.

The Namibia Chamber of Commerce and Industry (NCCI) yesterday met with representatives of financial institutions at a one-day event held at a hotel in Windhoek. The seminar was organised by the business umbrella body to discuss financing options for BEE businesses and projects and also to review existing financing options for the small and medium-sized enterprise (SME) sector, which has long been complaining of experiencing difficulties when it comes to getting funding.NCCI Chief Executive Officer Tarah Shaanika said the event was organised based on recommendations made at last October’s colloquium on ‘Mobilisation of domestic savings for investing in the local economy’, which the organisation held in conjunction with the Office of the Prime Minister.The Chairperson of the NCCI Standing Committee on BEE, Titus Haimbili, lamented the fact that the economic empowerment of previously disadvantaged Namibians, unlike in South Africa, was progressing at a snail’s pace.He said it was unfortunate that in Namibia BEE was still a window-dressing issue, where companies were of the view that by changing the ‘complexion’ of their boards, lucrative tenders would come their way.”To be allowed to serve on a board of a company is the first step towards empowerment.However, this does not suffice and is not self-fulfilling to win the commitment and loyalty of the person appointed.”Previously marginalised Namibians are inclined to work harder and to be more committed if they know that they are …real equity owners entitled to meaningful dividends, which can result in economic independence,” he said.Haimbili highlighted a number of causes behind the collapse of many BEE businesses, which included lack of legislature, insufficient access to finance and bad partnerships when it comes to providing venture capital loans to BEE companies.These were some of the issues that were discussed between the private sector and the financial institutions yesterday.A BEE policy, which the Office of the Prime Minister is working on, is yet to come into effect.The Government Institutions Pension Fund (GIPF) CEO, Primus Hango, talked about experience in BEE financing, while representatives from Standard Bank, First National Bank, Development Bank and Bank Windhoek gave presentations on the financing options their individual companies offered.Also under the spotlight were challenges in financing emerging projects and structuring finance for BEE and emerging businesses.The NCCI’s Tulimeyo Kaapanda-Ausiku said yesterday’s meeting was the initial stage and still at policy level, but that recommendations would be distributed to NCCI regional offices and information would reach all members, especially those at grassroots level who need it most.BEE financing under discussion * TONDERAI KATSWARA THE private sector yesterday made another attempt to discuss the recurring thorny issue of black economic empowerment (BEE), focusing mainly on financing BEE projects.The Namibia Chamber of Commerce and Industry (NCCI) yesterday met with representatives of financial institutions at a one-day event held at a hotel in Windhoek.The seminar was organised by the business umbrella body to discuss financing options for BEE businesses and projects and also to review existing financing options for the small and medium-sized enterprise (SME) sector, which has long been complaining of experiencing difficulties when it comes to getting funding.NCCI Chief Executive Officer Tarah Shaanika said the event was organised based on recommendations made at last October’s colloquium on ‘Mobilisation of domestic savings for investing in the local economy’, which the organisation held in conjunction with the Office of the Prime Minister.The Chairperson of the NCCI Standing Committee on BEE, Titus Haimbili, lamented the fact that the economic empowerment of previously disadvantaged Namibians, unlike in South Africa, was progressing at a snail’s pace.He said it was unfortunate that in Namibia BEE was still a window-dressing issue, where companies were of the view that by changing the ‘complexion’ of their boards, lucrative tenders would come their way.”To be allowed to serve on a board of a company is the first step towards empowerment.However, this does not suffice and is not self-fulfilling to win the commitment and loyalty of the person appointed.”Previously marginalised Namibians are inclined to work harder and to be more committed if they know that they are …real equity owners entitled to meaningful dividends, which can result in economic independence,” he said.Haimbili highlighted a number of causes behind the collapse of many BEE businesses, which included lack of legislature, insufficient access to finance and bad partnerships when it comes to providing venture capital loans to BEE companies.These were some of the issues that were discussed between the private sector and the financial institutions yesterday.A BEE policy, which the Office of the Prime Minister is working on, is yet to come into effect.The Government Institutions Pension Fund (GIPF) CEO, Primus Hango, talked about experience in BEE financing, while representatives from Standard Bank, First National Bank, Development Bank and Bank Windhoek gave presentations on the financing options their individual companies offered.Also under the spotlight were challenges in financing emerging projects and structuring finance for BEE and emerging businesses.The NCCI’s Tulimeyo Kaapanda-Ausiku said yesterday’s meeting was the initial stage and still at policy level, but that recommendations would be distributed to NCCI regional offices and information would reach all members, especially those at grassroots level who need it most.The seminar was organised by the business umbrella body to discuss financing options for BEE businesses and projects and also to review existing financing options for the small and medium-sized enterprise (SME) sector, which has long been complaining of experiencing difficulties when it comes to getting funding.NCCI Chief Executive Officer Tarah Shaanika said the event was organised based on recommendations made at last October’s colloquium on ‘Mobilisation of domestic savings for investing in the local economy’, which the organisation held in conjunction with the Office of the Prime Minister.The Chairperson of the NCCI Standing Committee on BEE, Titus Haimbili, lamented the fact that the economic empowerment of previously disadvantaged Namibians, unlike in South Africa, was progressing at a snail’s pace.He said it was unfortunate that in Namibia BEE was still a window-dressing issue, where companies were of the view that by changing the ‘complexion’ of their boards, lucrative tenders would come their way.”To be allowed to serve on a board of a company is the first step towards empowerment.However, this does not suffice and is not self-fulfilling to win the commitment and loyalty of the person appointed.”Previously marginalised Namibians are inclined to work harder and to be more committed if they know that they are …real equity owners entitled to meaningful dividends, which can result in economic independence,” he said.Haimbili highlighted a number of causes behind the collapse of many BEE businesses, which included lack of legislature, insufficient access to finance and bad partnerships when it comes to providing venture capital loans to BEE companies.These were some of the issues that were discussed between the private sector and the financial institutions yesterday.A BEE policy, which the Office of the Prime Minister is working on, is yet to come into effect.The Government Institutions Pension Fund (GIPF) CEO, Primus Hango, talked about experience in BEE financing, while representatives from Standard Bank, First National Bank, Development Bank and Bank Windhoek gave presentations on the financing options their individual companies offered.Also under the spotlight were challenges in financing emerging projects and structuring finance for BEE and emerging businesses.The NCCI’s Tulimeyo Kaapanda-Ausiku said yesterday’s meeting was the initial stage and still at policy level, but that recommendations would be distributed to NCCI regional offices and information would reach all members, especially those at grassroots level who need it most. BEE financing under discussion * TONDERAI KATSWARA THE private sector yesterday made another attempt to discuss the recurring thorny issue of black economic empowerment (BEE), focusing mainly on financing BEE projects.The Namibia Chamber of Commerce and Industry (NCCI) yesterday met with representatives of financial institutions at a one-day event held at a hotel in Windhoek.The seminar was organised by the business umbrella body to discuss financing options for BEE businesses and projects and also to review existing financing options for the small and medium-sized enterprise (SME) sector, which has long been complaining of experiencing difficulties when it comes to getting funding.NCCI Chief Executive Officer Tarah Shaanika said the event was organised based on recommendations made at last October’s colloquium on ‘Mobilisation of domestic savings for investing in the local economy’, which the organisation held in conjunction with the Office of the Prime Minister.The Chairperson of the NCCI Standing Committee on BEE, Titus Haimbili, lamented the fact that the economic empowerment of previously disadvantaged Namibians, unlike in South Africa, was progressing at a snail’s pace.He said it was unfortunate that in Namibia BEE was still a window-dressing issue, where companies were of the view that by changing the ‘complexion’ of their boards, lucrative tenders would come their way.”To be allowed to serve on a board of a company is the first step towards empowerment.However, this does not suffice and is not self-fulfilling to win the commitment and loyalty of the person appointed.”Previously marginalised Namibians are inclined to work harder and to be more committed if they know that they are …real equity owners entitled to meaningful dividends, which can result in economic independence,” he said.Haimbili highlighted a number of causes behind the collapse of many BEE businesses, which included lack of legislature, insufficient access to finance and bad partnerships when it comes to providing venture capital loans to BEE companies.These were some of the issues that were discussed between the private sector and the financial institutions yesterday.A BEE policy, which the Office of the Prime Minister is working on, is yet to come into effect.The Government Institutions Pension Fund (GIPF) CEO, Primus Hango, talked about experience in BEE financing, while representatives from Standard Bank, First National Bank, Development Bank and Bank Windhoek gave presentations on the financing options their individual companies offered.Also under the spotlight were challenges in financing emerging projects and structuring finance for BEE and emerging businesses.The NCCI’s Tulimeyo Kaapanda-Ausiku said yesterday’s meeting was the initial stage and still at policy level, but that recommendations would be distributed to NCCI regional offices and information would reach all members, especially those at grassroots level who need it most.

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