Banks 'must do more to support SMEs in Namibia'

May 18, 2011

Banks and the Ministry of Trade and Industry in Namibia need to offer greater support to small to medium-sized enterprises.

This is according to Mariental Urban Constituency Councillor in the Hardap Region Barakias Namwandi, who urged the organisations to provide loans for less sizable companies, the Namibian reports.

He said changes need to be made if the country's economy is to grow, adding that banks are not doing enough to help the situation.

Mr Namwandi described SMEs as being "the backbone of the economy".

He stated: "We would like to see more money allocated to the ministry to enable it support the SMEs."

The expert made these comments at the National Council, held earlier this week.

At the same event, Deputy Minister of Veterans' Affairs Hilma Nikanor called for the ministry to speed up the establishment of the SME Bank.

The role of the organisation is to assist private enterprises to ensure national development through policies and strategies, as well as promoting local investment.