Namibia: Development Finance Arrives in Rundu

Feb 06, 2019 | New Era; All Africa

Development Bank of Namibia (DBN) Head of Marketing and Corporate Communication, Jerome Mutumba, has confirmed that the Bank now has a permanent office in Rundu as of last week Friday.

Talking about the need for an office in Rundu, Mutumba said that the Bank recognises that its development impact is enhanced by physical presence. The Bank, he says, is in the process of rolling out offices in various parts of Namibia, in a manner calculated to reach the widest possible spread of regions and the largest segments of the private and public sectors.

In addition to its Windhoek head office, the Bank also has offices in Walvis Bay and Ongwediva. Rundu, Mutumba continues, has a large population of more than 85 000 with a robust entrepreneurial culture, a high concentration of villages surrounding it which will benefit from development, as well as providing access to the broader populations of Kavango East and West and Zambezi.

Commenting on the expectation of finance in the north-east, Mutumba says, the Bank expects interest in SME finance in particular. Rundu, he says, has an organised culture of entrepreneurship present in its markets, and the Bank believes that these are ready to graduate to formal SME status. Of existing SMEs, Mutumba points to a thriving retail and light industrial environment which can be further nurtured with finance.

He says the Bank expects that its finance for retail and commercial property will be in demand. On the topic of finance for local authorities, Mutumba says there is ongoing activity in the field of housing provision, however this must be complemented with provision of affordable land. The population of the area is spread along the east-west axis of the Kavango, and stimulus for development of affordable land and associated housing projects will lead to the spread of enterprise.

In this regard, he says the Bank is open for applications for finance in unproclaimed areas, with the proviso that project promoters provide guarantees, or that collateral in the form of fixed property be held outside of unproclaimed areas. Read more from All Africa.


Source: All Africa