Windhoek: President Netumbo Nandi-Ndaitwah on Thursday held a closed-door meeting with Capricorn Group executive management at State House, where the financial services group briefed her on its role in capital mobilisation and investment across key sectors of the Namibian economy.

According to Namibia Press Agency, Capricorn Group Chief Executive Officer David Nujoma remarked on the sidelines of the visit that the meeting with the President was productive. The group used the opportunity to outline its subsidiaries and their contribution at the group level. Nujoma highlighted that the bank currently holds over N$40 billion in loans and advances, while Capricorn Asset Management manages close to N$70 billion in assets.

Nujoma further stated that the group remains open to investing in various sectors of the Namibian economy, including the emerging oil and gas sector. He emphasized the group's exposure to the SME sector, where it has already extended over N$10 billion this year alone. "I won't say funds are unlimited, but I can say we have ample resources. It's a question of identifying the opportunities where we can mitigate the risks in investing, and for us to realise the full impact we would like to see on the ground," he said.

In earlier remarks, President Nandi-Ndaitwah acknowledged the government's development targets but also pointed out the challenges in mobilising the necessary capital to implement them. "I am very cautious not to put this country into debt. It is even worse if we can have international debt. But if we have capital in the country, that will be the best way for us to revive, to put energy into our economy," she stated.

The President expressed confidence in the potential cooperation between the government and private sector entities like Capricorn. "I always say we are too few to be poor. I want every Namibian to buy into that and each one to make their contribution, it does not matter how small it is," she said.