Country Club keeps 20-year promise

The Chairman of the Board of Directors of the Windhoek Country Club Resort and Casino, Sven Thieme hand a cheque for the remaining N$40 million of a loan it took from the GIPF in 1994, to David Nujoma, CEO of the GIPF. (Photograph by Lorato Khobetsi)The Windhoek Country Club Resort and Casino this week paid back the last instalment of a loan it took from the Government Institution Pension Fund in 1994.
The total value of the loan stood at N$282 million, including the nominal interest rate of 13,6% and compound interest charged on late payments.
The Chairman of the Board of Directors of the Windhoek Country Club Resort and Casino, Sven Thieme handed over the last  amount of N$40 million to the CEO of GIPF, David Nuyoma.
N$ 10 million is from the hotel’s own resources while the other N$30 million will be paid over in the form of preference shares over a period of 10 years funded through FNB.
According to David Nujoma, CEO of the GIPF, the relationship between the two government institutions was hatched when an agreement was made to fund the construction phase of the hotel through various loans and the government provided guarantees for some of the loans.