Development Bank pumps N$190m into new projects

THE Development Bank of Namibia (DBN) approved projects to the value of N$190,59 million between November 2008 and March 2009.
It says these projects could lead to the creation of 367 permanent jobs.

Making up the bulk of the total is a loan of N$120 million to Ohorongo Cement, Namibia’s first cement-producing plant.Gottlieb Hinda, Chief Operations Officer for the bank, pointed out however that the loan to Ohorongo had not been finalised yet and so was not included in his earlier official statement.According to his earlier presentation the bank gave out N$70,6 million worth of projects during the period. Other highlights include a N$15 million loan to Trustco Finance to expand its microfinance operation and N$10,2 million loan to Camelthorn Breweries, a microbrewery set to produce speciality beers. A further N$5 million was awarded to Vantage Enterprises for the upgrading of a military base at Keetmanshoop. The DBN also announced the creation of an Innovation Fund which will sponsor entrepreneurs using new technologies which have not been ‘fully tested or harnessed’, according to an official statement. ‘We may have our very own Google out there,’ quipped DBN Chief Executive Officer David Nuyoma on the possibilities of the fund. The first beneficiary of this new financial vehicle is Ottillie Haufiku of Ndeya Manufacturing.Haufiku started making peanut butter at her home in Katutura after seeing a report on the Etunda irrigation scheme in the Omusati Region, where peanuts are grown.Since she started in 2004, her business has grown to include supplying Government agencies with peanut butter. DBN is sponsoring the project with N$50 000 to help Haufiku buy more raw materials to cope with growing demand, as she is looking to do business with large local retailers and catering companies.On the motivation for her business, Haufiku said she wanted to change the fact that ‘most of our products are imported from South Africa’.