Development Bank Opens Coastal Office

There is a fair measure of excitement at the coast, especially in the business community, following news that the Development Bank of Namibia (DBN) is about to open an office in Walvis Bay.

Contractors are busy putting final touches on a building on Sam Nujoma Avenue in Walvis Bay, with the DBN logo billboard already up. New Era has learned that the regional office is scheduled to start operations next month already. The DBN says the new branch is part of “plans to expand to all regions in order to enhance services and limit the handling time of loan applications and approvals.” Last year the Chief Executive Officer of the DBN Martin Inkumbi, during an information session with businesses in the Eongo Region, said the rapid expansion of the region, as well as the numerous request from coastal entrepreneurs prompted the bank to consider establishing a branch in the region.

The Erongo Region is regarded the second largest region, in terms of the DBN’s client base, and is also one of the key economic areas where expansion, industrialisation and employment creation is encouraged. The region has a lot of potential, especially considering upcoming developments such as the expansion of the port of Walvis Bay and the envisaged logistics parks. The DBN fosters, empowers and finances bold new ventures. Whether large or small, private or public sector. The bank also provides finance for private sector start-ups and expansions, equity deals, bridging finance, enterprise development finance, trade finance, small- and medium-size enterprises, public private partnerships, public sector infrastructure, local authorities, and bulk finance to responsible micro-finance providers. According to statistics released last year the largest regional allocations have gone to the Otjozondjupa Region, with 26.3 percent driven by the DBN’s investment in the Ohorongo Cement plant. Projects with national impact received 21.6 percent of funding from DBN with the Khomas Region receiving 14.7 percent of the funding and the Erongo Region 10.2 percent.

Source : New Era