Curro Namibia Gymnasium is set to expand to Ongwediva and Walvis Bay after securing N$72.9 million in funding from the Development Bank of Namibia, the bank’s CEO Martin Inkumbi announced on Wednesday.
Gymnasium is owned by Curro Namibia, a subsidiary of the Johannesburg Stock Exchange-listed company, Curro Holding.
Inkumbi said the Bank has developed a track record of finance for schools, health facilities and environmentally beneficial initiatives such as recycling.
“The Bank’s commitment to finance larger social enterprises, the schools will provide 160 temporal employment opportunities during construction and several permanent jobs thereafter,” he said.
He added that the availability of additional places in private sector schools would make Oshana an attractive residential locality for parents of school-going children, thereby adding to the pool of professionals and managers, participating in growing the regional economy of Oshana.
Equally, he said Walvis Bay will become a hub for Namibia’s future energy and industries, thus this will require engineers, managers, scientists, technicians, project planners and leaders.
“By shaping young minds, the Walvis Gymnasium will become part of the future of Erongo and Namibia,” he stated.
Inkumbi hopes that these types of investments will motivate learners to complete their education and return to the regions and participate in the growth of the regional economy.
In addition, he implored Gymnasiums to extend their influence in the regions, by sharing knowledge and best educational practices with educators.
“You will also contribute meaningfully to the shared outcome of our common Namibian future. I also challenge the schools to spread the education to learners from lower income households by providing educational scholarships to gifted learners that ordinarily would not have the means to attend private schools,” the CEO said.
Gymnasium is renowned to offer good quality education, though it comes at a cost and only pupils whose parents are wealthy can afford it.
For instance, the Windhoek Gymnasium charges an annual approximate fee of N$44,400 for pre-primary, N$66,420 for primary school and N$81,600 per annum for high school, with no variation between Namibian and non-Namibian learners.
Inkumbi said the Bank has recently inaugurated its Sustainable Finance Framework and added that in the near future, it will launch its first sustainability bond.
“This will represent an opportunity for investors to earn returns from finance for environmentally and socially beneficial enterprises. The Gymnasiums in Oshana and Walvis Bay, he continued, are examples of the sort of projects that will benefit from the bond.
“The Bank returns a portion of its earnings to provide schools that do not qualify for finance with the means to repair and improve their facilities as a part of its corporate social investment. Therefore, a portion of the Bank’s earnings allocated to CSI will add to the sum of benefits available to education,” the CEO said.
Curro Holdings Limited develops, acquires, and manages independent schools in South Africa, Namibia, and Botswana.
