More could be done to support SMEs

HELAO NAFIDI – The Government has established the Development Bank of Namibia (DBN) to provide financial support to long-term development projects and to avail funding for small and medium enterprises (SMEs).

President Hifikepunye Pohamba said this during his first-ever meeting with members of the business community from all over the Ohangwena Region at the northern town of Helao Nafidi on Saturday. Pohamba said the DBN has in turn created a targeted measure, the Special Development Fund, to provide funding to the SMEs in the country.This Fund, according to the President, now provides funding ranging from N$250 000 to N$3 million to sustainable SME projects.”The specific aims of this policy initiative are to ensure that our SMEs become strategic partners in achieving our national development objectives,” the Head of State said.He, however, listed the lack of capacity and adequate skills in the areas of business management and marketing as some of the challenges that SMEs still faced within Namibia.Because of these shortcomings, Pohamba said, some SMEs have not harvested the fruits of their work.”I believe that in order to address these problems, mechanisms should be introduced to provide business and financial management skills to our SMEs,” Pohamba noted.Although Namibia has achieved many successes in the promotion of commercial trade and investments by local and foreign investors alike, Pohamba observed that more work needed to be done in order to broaden the country’s manufacturing base and add value to local natural resources.Meanwhile, members of the business community have expressed dissatisfaction with the DBN, saying that the bank has in most instances failed to play its role as a development bank.Members of the Ohangwena business community told the President that the DBN is more of a commercial institution, which has set difficult requirements for SMEs.Pohamba said he would study the complaints of the business community and a meeting might be held between his office and the aggrieved businesspeople some time next year.NampaPohamba said the DBN has in turn created a targeted measure, the Special Development Fund, to provide funding to the SMEs in the country.This Fund, according to the President, now provides funding ranging from N$250 000 to N$3 million to sustainable SME projects.”The specific aims of this policy initiative are to ensure that our SMEs become strategic partners in achieving our national development objectives,” the Head of State said.He, however, listed the lack of capacity and adequate skills in the areas of business management and marketing as some of the challenges that SMEs still faced within Namibia.Because of these shortcomings, Pohamba said, some SMEs have not harvested the fruits of their work.”I believe that in order to address these problems, mechanisms should be introduced to provide business and financial management skills to our SMEs,” Pohamba noted.Although Namibia has achieved many successes in the promotion of commercial trade and investments by local and foreign investors alike, Pohamba observed that more work needed to be done in order to broaden the country’s manufacturing base and add value to local natural resources.Meanwhile, members of the business community have expressed dissatisfaction with the DBN, saying that the bank has in most instances failed to play its role as a development bank.Members of the Ohangwena business community told the President that the DBN is more of a commercial institution, which has set difficult requirements for SMEs.Pohamba said he would study the complaints of the business community and a meeting might be held between his office and the aggrieved businesspeople some time next year.Nampa