Nedbank Namibia approved applications for payment holidays for 1 641 clients by 30 September 2020.

This was revealed by Nedbank Namibia Managing Director Martha Murorua at State House on Wednesday, when the bank’s board of directors and executive committee team paid President Hage Geingob a courtesy visit.

Murorua said 2 271 clients applied for payment holidays or to have their loans and mortgages restructured because the COVID-19 pandemic had affected their incomes. She said of this amount, 1 641 applications were approved, leaving the bank with financial exposure of nearly N.dollars 2.2 billion.

“Through exhaustive budget reviews to reduce costs the group was able to support initiatives, including the national disaster fund, to alleviate the plight of Namibians through donations of N.dollars 2.5 million. A total of N.dollars 7.7 million was allocated for personal prospective equipment for staff,” said Murorua.

She added that the bank is also involved in various national development plans like the Ongos Valley project, which is set to build 28 100 housing units for the lower and middle income markets in Windhoek in its first phase, and Nedbank has committed more than N.dollars 700 million to the project.

“Another major transaction helping to grow the economy was the provision of N.dollars 260 million in financing for a modern fish factory for Hangana Seafood at Walvis Bay, allowing the company to boost total processing capacity and its basket of offerings,” stated Murorua.

She further added that 97 per cent of the contract value for the construction of the new Nedbank headquarters in Windhoek went to local companies and 400 Namibians are employed full time on the project.

While speaking during the courtesy visit, Minister in the Presidency Christine Hoebes said she applauds Nedbank for its involvement in the Ongos Valley project as they are helping to address the housing crisis in Namibia, which is one of the major challenges Government faces.

Source: The Namibian Press Agency