DBN approves loans of N$215 million

THE Development Bank of Namibia approved 25 loans worth N$214,91 million over the six months from April 1 to October 31 this year.

The loans – the bulk of which were secured through the Banks Bridging Finance Facility to firms that had secured tenders – cover projects in the areas of agro-business, manufacturing, construction, services, tourism, real estate and ICT, with a national spread.The two biggest loans went to State-owned companies, with Telecom Namibia receiving N$120 million for the upgrading of its telecommunication infrastructure, and the Road Fund Administration receiving N$40 million to upgrade the Okavango River Bridge on the Trans-Caprivi Highway.The rest of the loans ranged between N$180 000 and N$17,4 million.DBN CEO David Nuyoma said it is expected that the approved projects will create 1 604 new permanent and 937 temporary jobs, while retaining 36 jobs.Some of the larger approved projects included a N$4 million loan to Omhalanga Mills for the establishment of a maize milling business in Ongwediva that will cater to the local and southern Angola market; bridging finance of N$17,4 million to Kheiseb Construction CC to construct new hostels, kitchen and dining hall at Sangwali Secondary School in the Caprivi Region; N$6,3 million to SP Brick Warehouse for the purchase of equipment for a semi-automated brick making plant at Helao Nafidi in the Ohangwena Region; and N$3,35 million to Kazo Farming for a beef processing plant / abattoir at Gobabis.nangula@namibian.com.na