DBN to stimulate enterprises in Otjozondjupa

23 Feb 2017 17:20pm
WINDHOEK, 23 FEB (NAMPA) - The Development Bank of Namibia (DBN) will visit the Otjozondjupa Region to market finance opportunities from the bank.
DBN Senior Communication Manager, Jerome Mutumba said in a statement issued Wednesday the team will be led by DBN Chief Executive Officer, Martin Inkumbi.
Finance is available in the sectors including energy, water, transport, and information and communication technology.
Mutumba explained that the bank seeks to finance projects in the said sectors which are promoted by private entrepreneurs through public-private partnerships as well as projects identified by the regional councils and local authorities.
He said the Otjozondjupa Region has potential to become a hub of economic activity.
“Not only does the region act as a link between the productivity of Erongo, Khomas and the northern regions, but it also has the potential to provide goods and services for the regions around it,” he said.
Mutumba cited Ohorongo Cement, in which the bank holds shares, as using the central location of Otjozondjupa to reach multiple regions with reduced logistical chains which make use of local resources, and has stimulated the region with employment and associated economic activity.
He said the bank is also seeking to finance projects with an annual turnover of N.dollars 10 million or more in the fields of manufacturing, transport, logistics, agri-processing, and tourism which will create mass employment.
In the period of 2004 to January 2017, the bank provided N.dollars 615 million in finance to the region, where the largest allocation of N.dollars 243.36 million went to the manufacturing sector, which includes Ohorongo Cement.
A total of N.dollars 187.4 million went towards construction and N.dollars 145.1 million towards electricity.
The bank recently announced its additional focus on infrastructure and business projects, which are aligned to the pillars of the Harambee Prosperity Plan.