Ondangwa Town Council gets GIPF loan

01 Jul 2014 11:50am
ONDANGWA, 01 JUL NAMPA) – The Government Institutions Pension Fund (GIPF) has in terms of its Unlisted Investment Policy invested over N.dollars 1 billion in non-listed sectors so far.
GIPF Chief Executive officer (CEO) David Nuyoma said this during the signing of a N.dollars 20 million loan agreement between the GIPF and Ondangwa Town Council at Ondangwa on Monday.
Nuyoma pointed out that such investment was done in the areas of private equity, infrastructure development, property, procurement facilitation, rural electrification and mortgage financing.
“The fund wishes to see domestic savings converted into investments for broad-based economic development and improvement of our people’s quality of life,” he stated.
The N.dollars 20 million that the GIPF is to invest at Ondangwa, Nuyoma said, is also facilitated through the GIPF Unlisted Investment Policy that was introduced five years ago.
In addition to the N.dollars 20 million investment for the servicing of land, GIPF has already invested N.dollars 90 million in the development of the Gwashamba Mall.
According to Nuyoma, the N.dollars 20 million will be used to service land for the construction of about 300 housing units at Ondangwa.
“It is our hope that the delivery of serviced land will certainly bring opportunities for growth and expansion that is needed to ensure a consisted stream of revenue to the town and GIPF is convinced that this investment is noble,” he said.
The chairperson of the Ondangwa Town Council’s management committee, Christian Itope said his town faces a backlog of serviced land provision due to the unavailability of resources.
“Thanks to the GIPF for making funds available so that our council can expand on its serviced land provision to our residents,” he said.
First Capital Housing Fund, a subsidiary of GIPF, is facilitating the loan. Its CEO, Martin Mwinga told reporters after the signing of the agreement that the Ondangwa Town Council is expected to pay back the loan within a period of 10 years, including a one-year grace period.