GIPF paid out N$750mil for housing loan scheme since 2014

16 Oct 2015 15:30pm
WINDHOEK, 16 OCT (NAMPA) - The Government Institutions’ Pension Fund (GIPF) has paid out over N.dollars 750 million through its housing loan scheme since last year.
The housing loan scheme was introduced in 2014 to assist GIPF members to obtain home loans by using their funded properties as guarantee for loans while the members’ pension credit balances remain untouched.
Speaking at the GIPF annual stakeholder gala dinner here on Thursday, GIPF Chief Executive Officer David Nuyoma said the fund is currently waiting for amendments from the government, and started engaging stakeholders this month to get ideas on how it can improve the housing loan scheme to benefit all its members.
The dinner was held under the theme 'Because of you, we have grown full circle'.
Nuyoma added that the fund has an investment strategy focusing on unlisted companies which are not registered with the Namibia Stock Exchange (NSX). More than N.dollars 32 billion has so far been invested in these companies.
Nuyoma said the fund's monthly payout to its members amounting to N.dollars 166 million is aimed at addressing poverty and hunger.
“Poverty is very complex. GIPF is focusing on housing, earnings for pensioners, orphans, widows and widowers, and death benefits, all translating to cash to address poverty,” he stressed.
Meanwhile, GIPF chairperson Mihe Gaomab II noted that the fund is one of the companies which have received an unqualified audit opinion for a number of years now.
This means the company's financial records and statements are fairly and appropriately presented.
“We are not insolvent like some State-Owned Enterprises,” he said.
Gaomab II noted that the fund has been applying corporate governance and keeps aligning itself with the regulations and requirements provided by the Namibia Financial Institutions’ Supervisory Authority (Namfisa).
GIPF also honoured one of its oldest pensioners, Valombola Haingura, who was present during the gala dinner.
Haingura, aged 103, retired in December 1998.
He hails from the village of Kaisosi near Rundu, and was amongst others responsible for maintaining boreholes in Kavango in the 1980s.