Namibia: DBN Living Up to Its Mandate
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New Era (Windhoek)
20 August 2008
Posted to the web 20 August 2008
Desie Heita
Windhoek
Development Bank of Namibia (DBN) says for the last financial year it has helped create 625 new employment opportunities, generated a further 1 688 temporary or part-time jobs and retained 1 891 existing employment.
This was made possible through the extension of 35 loans valued at N$311 million in the year ended 31 December 2007. Of the total loans extended, 14 of the loans were to small and medium enterprises.
This brings the total value of the loan book to N$500 million, accumulating from N$110.7 million loans approved in 2005 and the subsequent approval of N$85 million loans in 2006.
In granting these loans, says the Chief Executive Officer of DBN David Nuyoma, DBN has been mindful of the need to spread development across the geographical regions of the country.
"This year, DBN provided finance in 11of the country's 13 regions, though most of the activities supported have a national impact," said Nuyoma.
The financing of the small and medium sector alone resulted in creating over 1 000 employment opportunities, most of which are temporary jobs.
Nuyoma further says DBN has continued to stir up interest from the private sector with a multiplier effect of N$6.8 from the private sector for every N$1 spent by DBN. In the previous financial year, the multiplier effect was at about N$3 for every dollar spent by DBN.
He says such results erase the general historical perception that the developmental finance industry does not perform well.
"The combination of financial measurements and development impact is proof that development finance can equate to good business. It tells us that if we maintain our discipline, we will bring credibility to the field," said Nuyoma.
For the year ended 31 December 2007, the DBN posted 56 percent increase in revenue to N$56 million, and annual profit went up 39 percent to N$58 million.
Nuyoma says DBN is operating within range and pace to achieve the targets set out in its business plan. DBN also introduced several products including a franchise facility and a black economic empowerment-financing framework.
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"The factors that we now need to face are management of levels of risk associated with yet higher levels of activities, as well as nurturing levels of business innovation which lead to the ventures that generate employment," said Nuyoma.
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