SADC Development Finance Institutions subcommittee meets

NETWORKING and development between Namibia’s financial institutions and its counterparts at regional level is important as it transforms regional development programmes into reality.

These words were among remarks made by the Deputy Minister of Trade and Industry, Bernard Esau, at the opening of the SADC Development Finance Institutions (DFI) sub-committee meeting on Thursday at a lodge outside Windhoek. I wish to highlight that in today’s fast integrating global village, one cannot over-emphasise the importance of regional planning and networking, he said.It is on this basis that this initiative such as DFI’s subcommittee has to be applauded.Esau said the DFI was consistent with the continent wide agenda of the African Union, which promotes the regional economic integration, and serves as a basis on which the continental economic community of Africa could be built.The SADC region, he said, was one of the pillars for the integration of African economies, and had made great strides in its efforts to integrate member economies.To date, SADC has implemented regional projects such as the Walvis Bay Maputo corridor, the Trans-Caprivi Highway and the Zambezi Bridge between Namibia and Zambia.Esau said the challenge was to broaden the DFI network.He said: The challenge now essentially lies with the DFI’s Network in collaboration with its international development partners to facilitate the flow of capital resources with a view to successfully implement new regional projects, as well as outstanding SADC projects such as the Windhoek Luanda corridor and the Congo River Water Project.The SADC DFI Network was established in 2000 and its main purpose is to support members in their efforts to address development and poverty eradication in the region.The meeting was hosted by the Development Bank of Namibia, Agribank and the National Housing Enterprises, which are all represented on the DFI network sub-committee.The meetings, which are held quarterly, rotate per SADC member countries.DFIs offer services that include long-term capital for development projects, stimulating industrial development and value adding, promoting entrepreneurship and private sector development, trade finance, financing of agricultural development and capital markets development through facilitating privatisation of state-owned assets.I wish to highlight that in today’s fast integrating global village, one cannot over-emphasise the importance of regional planning and networking, he said.It is on this basis that this initiative such as DFI’s subcommittee has to be applauded.Esau said the DFI was consistent with the continent wide agenda of the African Union, which promotes the regional economic integration, and serves as a basis on which the continental economic community of Africa could be built.The SADC region, he said, was one of the pillars for the integration of African economies, and had made great strides in its efforts to integrate member economies.To date, SADC has implemented regional projects such as the Walvis Bay Maputo corridor, the Trans-Caprivi Highway and the Zambezi Bridge between Namibia and Zambia.Esau said the challenge was to broaden the DFI network.He said: The challenge now essentially lies with the DFI’s Network in collaboration with its international development partners to facilitate the flow of capital resources with a view to successfully implement new regional projects, as well as outstanding SADC projects such as the Windhoek Luanda corridor and the Congo River Water Project.The SADC DFI Network was established in 2000 and its main purpose is to support members in their efforts to address development and poverty eradication in the region.The meeting was hosted by the Development Bank of Namibia, Agribank and the National Housing Enterprises, which are all represented on the DFI network sub-committee.The meetings, which are held quarterly, rotate per SADC member countries.DFIs offer services that include long-term capital for development projects, stimulating industrial development and value adding, promoting entrepreneurship and private sector development, trade finance, financing of agricultural development and capital markets development through facilitating privatisation of state-owned assets.