Namibia’s National Youth Council (NYC) has launched the NextGen Facility Incubation programme
According to the acting director of the NYC, Sircca Nghitila, the NextGen Facility will offer loans ranging from N$50,000 to N$100,000, prioritising businesses in sectors critical to Namibia’s future.
The sectors include sustainable agriculture, community-based and sustainable tourism, renewable energy advancements and efficiency and responsible management of natural resources.
“During the first year of implementation, the Facility aims to support 20 to 30 ambitious young entrepreneurs across Namibia’s 14 regions. Each region will have at least two beneficiaries, ensuring equitable access and impact,” she said.
She further explained that the Facility will also connect young business owners with mentors and entrepreneurship development programs and to ensure its effectiveness, the programme has partnered with Bellatrix Investment Managers.
“The NextGen Facility benefits from a strategic partnership with an institution that brings the necessary expertise and resources to effectively manage the program. By leveraging this partnership, NextGen seeks to create a supportive environment for youth-led enterprises, contributing to poverty alleviation and economic growth in Namibia,” she said.
This comes as the NYC, through its Credit for Youth Business (CYB) programme, supported 330 youth entrepreneurs.
NYC’s Executive Chairperson Sharonice Busch said between 2008 and 2020 the council granted loans worth N$2.3 million to bridge the gap between them and commercial banks.
She said by providing loan guarantees, NYC empowered youth businesses to expand their ventures and generate new employment opportunities.
“The CYB Programme deployed around N$2.3 million to some 330 youth entrepreneurs during its implementation,” she said at the launch of the NextGen Facility Incubation programme.
She added that the new facility takes inspiration from the lessons learned during the CYB Programme.
