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Namibia : DBN inaugurates Office in Walvis Bay

May 17, 2014

An office in Walvis Bay to cater for the Erongo Region is opened by the Development Bank of Namibia.

Minister of Finance Saara Kuugongelwa-Amadhila said the Development Finance Institutions (DFIs), play the role of providing finance to priority sectors and underprivileged clients.

She said that DFIs have to balance their development mandate with prudent, shrewd long term investment strategies that ensure that they remain profitable in a manner that sustains their ability to provide finance that is beneficial to development.

Kuugongelwa-Amadhila said accountability measures required of traditional commercial banks were not the same as those for DFIs and said DFIs are rated by their development impact as a measure of fulfillment their mandate.

The chief executive officer, Martin Inkumbi, said Erongo Region, Walvis Bay in particular, is a gateway to the rest of the country.

He said, "It also contains the largest concentration of mining activities, a key driver for the Namibian economy and development .

Figures published by the DBN stated that N$500 million has been sanctioned for finance in the Erongo region since 2005, which generated 995 permanent jobs and 1 541 temporary ones.

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Source: TendersInfo (India)

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