DBN urges Hardap and //Kharas to borrow money

10 Oct 2017 19:50pm
KEETMANSHOOP, 10 OCT (NAMPA) – The Development Bank of Namibia (DBN) is visiting southern Namibia this week to encourage borrowing for the establishment of larger enterprises, Small and Medium Enterprises (SMEs) and infrastructure.
The bank held information sessions in Rehoboth and Mariental in Hardap on Monday and Tuesday and will visit Lüderitz and Oranjemund in //Kharas on Thursday and Friday.
The sessions are aimed at promoting demand in borrowing and target mainly entrepreneurs and local authorities.
In a media statement on Tuesday, DBN Senior Communication Manager, Jerome Mutumba said the two regions are characterised by poverty, however this can be addressed with finance stimulating enterprise and infrastructure development.
He said borrowing in the region has been at low levels since 2016, whereas the region has potential for infrastructure expansion and enterprise development.
“These are particularly in the form of secondary sector offshoots of the agricultural sector, such as agri-processing and food manufacturing,” Mutumba said.
Describing the levels of borrowing in //Kharas as reasonable in 2016, but low in 2017, Mutumba said the bank was particularly optimistic for the port of Lüderitz.
“The mariculture and fishing industries can also benefit from the bank’s finance and we expect a boom in Lüderitz in the middle to long-term that will place pressure on the town’s infrastructure,” he added.
Talking about Oranjemund, Mutumba said the town is on the cusp of further development.
“The town’s economy has been driven by diamond extraction, but it can be further stimulated with SME activity in support of the diamond industry and has underexplored potential for tourism.”
The town also requires affordable housing, and the bank can assist contractors with finance for construction activities, he said.
Mutumba said DBN understood the need for transformation of regional economies and was holding out a hand with flexible financing packages that would materially improve prospects for development.
“We expect more from Hardap and //Kharas and so entrepreneurs and town councils can expect more from DBN,” he said.