Windhoek: First National Bank (FNB) Namibia and the Central Procurement Board of Namibia (CPBN) have discussed measures aimed at improving the efficiency of public procurement processes through enhanced collaboration on performance guarantees. The engagement, held in Windhoek recently, formed part of the CPBN's efforts to strengthen cooperation with financial institutions and improve procurement processes.

According to Namibia Press Agency, the CPBN delegation was led by Chief Executive Officer Idi Itope, while FNB Namibia was represented by Head of Enterprise Banking Leonard Hamunyela and Manager of Public Sector Banking, Priscilla Akudhenga. The discussions focused on performance guarantees, which are required in terms of Section 55(6) of the Public Procurement Act before the awarding of public contracts.

FNB Namibia provided information on the process of issuing performance guarantees, including application requirements, documentation, credit assessments, and processing timelines. The parties also discussed challenges experienced by bidders and possible measures to reduce delays that may affect project implementation.

Hamunyela highlighted that performance guarantees play an important role in public procurement and economic participation. He noted, 'Performance guarantees are often seen as a compliance step, but in reality, they are a critical enabler of economic participation. When these processes are unclear or delayed, it is not just paperwork that is affected, but the pace at which projects move and opportunities are realised.'

The statement said both parties recognised the need to ensure businesses are able to meet procurement requirements and access opportunities in a timely manner.