Development Bank of Namibia is preparing measures to give relief to borrowers in the wake of the COVID-19 pandemic

 The Development Bank of Namibia (DBN) is preparing measures to give relief to borrowers in the wake of the COVID-19 pandemic, CEO Martin Inkumbi has announced.

In a statement availed to Nampa yesterday, the chief executive officer said DBN recognises that borrowers are experiencing difficulty, particularly in the tourism sector among SMEs.

In light of this it will begin providing relief to preserve the development impact of loans as well as economic activities they were aimed to support, he said.

Among the measures, Inkumbi announced a temporary moratorium on repayment of capital and interest, equity conversion and resourcing and implementation of the N.dollars 500 million relief facility announced by Minister of Finance, Iipumbu Shiimi on Wednesday.

The thrust of the moratorium on debt and interest repayment, Inkumbi explained, would be targeted at SMEs and tourism and hospitality enterprises (both SMEs and corporates) that already have DBN loans and are affected by the COVID-19 lockdown.

Source: Namibia Press Agency