News Column

DBN Satisfied With Second Quarter Loan Approval

August 8, 2014

Development Bank of Namibia (DBN) has dished out loans worth N$471.2 million during the second quarter of the year, with a gigantic chunk of money funding businesses in energy and gas sector. Funding for businesses in energy and gas sector include the N$84 million loan for the construction of a 4,5 MW Photovoltaic Park near Omaruru, which ought to provide electricity to NamPower and for distribution.

"This illustrates DBN's commitment in stabilising Namibia's power supply," said Head of Lending, John Mbango, announced the second quarter approvals for 2014.

The second quarter approval projected to affect about 2 180 jobs, of these it has currently created 274 new jobs and 639 temporary jobs will be created and while 1 237 will be retained jobs.

A total number of 51 businesses applied for loans with 90 percent of the applicants getting approval being previously disadvantaged Namibians with loans granted to 23 percent businesses owned by women and 25 percent of businesses owned by youths. DBN has set itself a target of approving about N$100 million to women businesses in 2014.

Mbango said, according to client demographics young entrepreneurs approval amounted to N$47.4 million doubling the minimum target of N$20 million for the year 2014, which he described as a good outcome.

With regards to regions, Erongo received the greatest amount of approval totalling up to N$373.7 million followed by Khomas with an amount of N$30.8 million, Zambezi was the last region with an amount N$1.6 million.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters