Development Bank of Namibia ready to fulfil mandate

THE Development Bank of Namibia (DBN) has spent recent months putting in place the bank’s institutional framework, which includes its lending system and human resources structure.

This was said by DBN chief executive officer David Nuyoma, adding that his bank’s emphasis was on providing capital and services to commercially viable and sustainable development projects. Nuyoma said a special fund had been set up to cater for other projects.”However, in accordance with the bank’s founding principles, and, given the unique developmental challenges facing Namibia, a Special Development Fund has been established to provide funding to sustainable projects that may not satisfy strict conventional banking requirements.”Nuyoma was speaking at a meeting hosted by the Namibia Economic Society (NES) which focussed on the current status and the future role of the DBN.The bank, which was launched in April this year after an assessment of the economy and the lessons learnt through past development initiatives and the potential for future economic growth.The bank opened its doors for business last month and its CEO says more than half of the financial institution’s funds were aimed at previously disadvantaged Namibians because of the need to facilitate the entry of emerging entrepreneurs into the mainstream of the economy.Nuyoma also said the bank’s mission dictated that it mobilise investment capital and that it facilitate national and international co-operation among the public and private sectors.Hence the DBN’s efforts at building productive partnerships with stakeholders like Government, clients, communities, non-governmental organisations, donors and financiers.The DBN is currently evaluating a number of proposals, the underlying criteria being that each of the projects are viable and that they contribute to socio-economic development.Nuyoma added that the extent to which a project contributes to the broadening of the economy was crucial when it came to funding projects.”The current economic situation necessitates that we all become more responsive to the obvious needs of the different segments of the business community.The Development Bank of Namibia is ready to play a leading role in the establishment of such linkages as the much-needed transformation of our economy can only be effected by an interconnected business sector,” said Nuyoma.Nuyoma said the DBN was ready to fulfil its historical mandate and would support ingenious projects that are expected to transform Namibia into an industrialised country – one of the bank’s goals for Vision 2030.Nuyoma said a special fund had been set up to cater for other projects.”However, in accordance with the bank’s founding principles, and, given the unique developmental challenges facing Namibia, a Special Development Fund has been established to provide funding to sustainable projects that may not satisfy strict conventional banking requirements.”Nuyoma was speaking at a meeting hosted by the Namibia Economic Society (NES) which focussed on the current status and the future role of the DBN.The bank, which was launched in April this year after an assessment of the economy and the lessons learnt through past development initiatives and the potential for future economic growth.The bank opened its doors for business last month and its CEO says more than half of the financial institution’s funds were aimed at previously disadvantaged Namibians because of the need to facilitate the entry of emerging entrepreneurs into the mainstream of the economy.Nuyoma also said the bank’s mission dictated that it mobilise investment capital and that it facilitate national and international co-operation among the public and private sectors.Hence the DBN’s efforts at building productive partnerships with stakeholders like Government, clients, communities, non-governmental organisations, donors and financiers.The DBN is currently evaluating a number of proposals, the underlying criteria being that each of the projects are viable and that they contribute to socio-economic development.Nuyoma added that the extent to which a project contributes to the broadening of the economy was crucial when it came to funding projects.”The current economic situation necessitates that we all become more responsive to the obvious needs of the different segments of the business community.The Development Bank of Namibia is ready to play a leading role in the establishment of such linkages as the much-needed transformation of our economy can only be effected by an interconnected business sector,” said Nuyoma.Nuyoma said the DBN was ready to fulfil its historical mandate and would support ingenious projects that are expected to transform Namibia into an industrialised country – one of the bank’s goals for Vision 2030.