Various projects benefit from DBN

THE Development Bank of Namibia (DBN) yesterday announced its latest round of loans for the past nine months which amounted to N$234,4 million.

The loans approved for various projects and business entities between March and November this year, are said to have created employment 332 new permanent jobs, 1 601 temporary ones while 1 592 jobs were retained. Another N$55,7 million was extended to 71 small and medium sized enterprises (SMEs) through the DBN/Bank Windhoek SME programme.This is the second round of loans approved by the DBN this year.The total approvals by DBN for 2007 since beginning of the year amounts to N$268,9 million Addressing a press conference in Windhoek yesterday, DBN Acting Chief Operations Officer, Gottlieb Hinda said new projects approved were from diverse fields which included aviation, energy, manufacturing, mining, road construction and tourism.They were from the Caprivi, Erongo, Hardap, Kavango, Khomas, Kunene, Ohangwena, Oshana and Oshikoto regions.Prior to March, getting the lion’s share was the United Africa Group which received an N$8 million loan for the refurbishment of its subsidiary, the Zambezi River Lodge in Katima Mulilo.Ongwediva MediPark got N$6,5 million while Duiker Investments received N$5,7 million.The related projects will see to the establishment of advanced medical and radiological facilities at Ongwediva.Companies that benefited for loans approved after March included the Indigenous Construction contracted by the Roads Authority for the construction of a gravel road from Kongola in the Caprivi to the Zambian border, received a loan of N$5 million while I-S Airfreight and Road Services was boosted by N$3,5 million.Other loans were doled out to Roama Gates Manufacturing, L Goliath Construction and Civil Works, M Shikongo Investments, Karukongo Building Contractors, Omkumo Construction, Bojashwi Construction and Kamuku Entreprises among others.Hinda also said DBN has introduced an alternative – a preference share facility to assist businesses in cases where debt funding might not be the correct financing tool to improve their business.Already three projects have benefited from this facility.At the same occasion, the Polytechnic of Namibia received a sponsorship of N$50 000 towards the setting up of its Namibia Business Innovation Centre/ Science Park.Upon completion, the centre is to nurture the innovative and entrepreneurial spirit in new industries among others.Polytechnic Rector, Dr Tjama Tjivikua welcomed the pledge from DBN saying it would aid in advancing the institution’s educational mandate.”Often we wonder why Namibia cannot rise above the economic and social problems given so much investment in educational, health and social structures.You will agree that wealth is a complex concept, although it is mainly, and unfortunately, misunderstood simply as the measure of the tangible goods excluding human capital.”But the tangibles cannot be separated from the intangibles, that is material wealth cannot be truly meaningful without human capital, especially in the form of knowledge,” said Tjivikua.Another N$55,7 million was extended to 71 small and medium sized enterprises (SMEs) through the DBN/Bank Windhoek SME programme.This is the second round of loans approved by the DBN this year.The total approvals by DBN for 2007 since beginning of the year amounts to N$268,9 million Addressing a press conference in Windhoek yesterday, DBN Acting Chief Operations Officer, Gottlieb Hinda said new projects approved were from diverse fields which included aviation, energy, manufacturing, mining, road construction and tourism.They were from the Caprivi, Erongo, Hardap, Kavango, Khomas, Kunene, Ohangwena, Oshana and Oshikoto regions.Prior to March, getting the lion’s share was the United Africa Group which received an N$8 million loan for the refurbishment of its subsidiary, the Zambezi River Lodge in Katima Mulilo.Ongwediva MediPark got N$6,5 million while Duiker Investments received N$5,7 million.The related projects will see to the establishment of advanced medical and radiological facilities at Ongwediva.Companies that benefited for loans approved after March included the Indigenous Construction contracted by the Roads Authority for the construction of a gravel road from Kongola in the Caprivi to the Zambian border, received a loan of N$5 million while I-S Airfreight and Road Services was boosted by N$3,5 million.Other loans were doled out to Roama Gates Manufacturing, L Goliath Construction and Civil Works, M Shikongo Investments, Karukongo Building Contractors, Omkumo Construction, Bojashwi Construction and Kamuku Entreprises among others.Hinda also said DBN has introduced an alternative – a preference share facility to assist businesses in cases where debt funding might not be the correct financing tool to improve their business.Already three projects have benefited from this facility.At the same occasion, the Polytechnic of Namibia received a sponsorship of N$50 000 towards the setting up of its Namibia Business Innovation Centre/ Science Park.Upon completion, the centre is to nurture the innovative and entrepreneurial spirit in new industries among others.Polytechnic Rector, Dr Tjama Tjivikua welcomed the pledge from DBN saying it would aid in advancing the institution’s educational mandate.”Often we wonder why Namibia cannot rise above the economic and social problems given so much investment in educational, health and social structures.You will agree that wealth is a complex concept, although it is mainly, and unfortunately, misunderstood simply as the measure of the tangible goods excluding human capital.”But the tangibles cannot be separated from the intangibles, that is material wealth cannot be truly meaningful without human capital, especially in the form of knowledge,” said Tjivikua.