Development bank approves N$20 billion loans over 20 years

TWENTY YEARS … The Development Bank of Namibia (DBN) celebrated its 20th birthday on Monday in Windhoek. Head of the DBN board Sarel van Zyl said the bank has grown tremendously, helping various businesses create jobs and in turn, grow the economy. The bank was launched on 29 April 2004 to finance businesses as part of its mandate. Video: Mitchelin Kangootui

The Development Bank of Namibia has approved loans valued at N$20,38 billion over the last 20 years.

This was revealed during the bank’s 20th anniversary celebration in Windhoek on Monday.

According to a DBN statement, at its inception in 2004, the bank only had 13 employees and a loan book value of N$62,3 million.

“Currently, the bank has a staff complement of 124 permanent employees and 14 temporary employees,” noted the statement.

DBN chief executive John Steytler said going forward the bank will look to driving economic development and having more women beneficiaries for loans.

“​​Our purpose going forward is that we exist to drive Namibia’s sustainable socio-economic development. The vision is to be the partner of choice for Namibia’s innovative development solutions,” said Steytler.

The bank will be harnessing the power of digital technology, which will be critical to its success, he added.

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