Geingob urges banks to play role in economic development

18 May 2016 17:20pm
WINDHOEK, 18 MAY (NAMPA) - Banks have a major role to play in developing economies which stretch beyond the usual commercial banking functions, says President Hage Geingob.
Geingob made these remarks during a meeting with representatives of banking institutions at State House on Wednesday.
He said although Namibia has done well in the area of macro-economic stability, it is lagging behind in other areas. Banks can contribute by promoting capital formation, as this will help accelerate the tempo of economic development.
“We need to ensure that any dormant capital within our country is made available for productive purposes,” Geingob said.
He further said banks should also find innovative ways to finance trade and industry, and economic transformation.
He noted that in successfully implementing the Harambee Prosperity Plan, development plans and Vision 2030, banks can assist government by financing agriculture, and financing employment generating activities, and especially youth enterprises.
The Head of State also said Namibians, including the banking sector, have and continue to benefit from peace and stability since Independence in 1990.
“However, such peace is fragile and will be short-lived if it is not buttressed by economic inclusiveness which involves issues such as access to finance, availability of financial facilities and effective service delivery for all,” he said.
Geingob furthermore noted that through the Harambee Prosperity Plan, government wants to ensure that every Namibian has access to the basic necessities for survival and strive towards building a Namibia where there are no structural poverty traps.
“We are not talking about Utopia; we are talking about a Namibia whose inhabitants will have access to decent shelter and basic amenities such as safe potable water, access to quality education and adequate health services,” he stated.
He added that this is only achievable if every stakeholder contributes to the success of the prosperity plan.