French development agency, Agence Française de Développement (AFD) and the Development Bank of Namibia (DBN) have signed a N$5.03 million (€300,000) funding agreement.
In terms of the agreement, AFD will provide grant funding for two DBN research programmes; investigating opportunities in the fields of affordable housing and the development of Namibian women entrepreneurs.
The agreement was signed by DBN CEO Martin Inkumbi, H.E. Sébastien Minot, French Ambassador to Namibia, and Bruno Deprince, AFD Regional Director for Southern Africa.
“The institution is not just a source of finance but also a knowledge bank and brains trust for development of economic activity. Although the bank may have financial and administrative capacity, development impact depends on the ability to bring the financial resource to bear in knowledgeable and effective manner,” DBN CEO, Martin Inkumbi said.
In terms of low-cost housing, the Bank will seek to understand market impediments to developing low-cost housing schemes, means to incentivise construction of low-cost housing schemes and appropriate financing products to individuals to purchase such properties.
In the field of women entrepreneurs, the bank will investigate dedicated finance and required support programs for women entrepreneurs.
“Research will strengthen DBN’s impact by creating market profiles of the women segment, developing tailored products as well as understanding barriers to economic inclusiveness,” he said.
Speaking at the signing ceremony, the French ambassador to Namibia, Sébastien Minot said he was honoured to witness a new step for the Franco-Namibian cooperation, with French Embassy to Namibia having initiated the Fem-Tech project, created to support and develop innovative Namibian female tech entrepreneurs.
“As AFD counts developing the access to affordable housing and women empowerment among its strategic priorities, the delegation is excited about contributing to that new project.”
Bruno Deprince, Regional Director of AFD for Southern Africa, said the the results of the financed studies and analysis could help developing new financial products to address the identified needs within the project.
“Agence Française de Développement is looking forward implementing the results while being at the side of its new partner,” he said.
