Development Bank of Namibia receives ZAR 4.5 billion to finance projects



9 July 2015 – Abidjan, Côte d’Ivoire and Windhoek, Namibia – The African Development Bank (AfDB) has announced the approval of a line of credit of ZAR 4.5 billion (about US $450 million) to Development Bank of Namibia (DBN) to finance projects in key priority sectors in the country including infrastructure, manufacturing, logistics and tourism.

150709-pmwj37-4.5billion-MAPThe LOC will enhance DBN’s liquidity and ability to provide financing on appropriate terms to projects and enterprises in key sectors including those with lower levels of economic activity, infrastructure and formerly disadvantaged segments of Namibia’s population, particularly women and young entrepreneurs.

The financed projects and enterprises are expected to contribute to Namibia’s economic development, generate employment opportunities and reduced income inequalities. In addition, the LOC is expected to contribute to infrastructure development through the provision of support to energy and transport infrastructure initiatives; contribute to private sector development through alleviation of financing constraints, as well as contribute to gender and social development through support to projects in rural underserved communities and social infrastructure initiatives such as vocational training and health facilities.

DBN is a national development finance institution that was founded in to promote and finance development in sectors which support development and the welfare of the citizens of the country. The bank is fully owned by the Government of Namibia and provides support to its target beneficiaries in form of loans, equity partnerships, financial advisory services, management services, and export/import finance. It has maintained a solid financial track record, consistently posted healthy profits and achieved good asset quality over the years. DBN is well ranked by the Association of African Development Financial Institutions and has strong corporate governance and risk management structures and processes.

For more information about AfDB projects in Namibia, go to http://www.afdb.org/en/countries/southern-africa/namibia/

The African Development Bank (AfDB) is a regional multilateral development finance institution established in 1964 to mobilize resources towards the economic and social progress of its Regional Member Countries. Headquartered in Abidjan, Côte d’Ivoire, the Bank promotes economic and social development in African states, providing financing for programs and projects across the continent. For more information, visit http://www.adbg.org/.

Source: African Development Bank