Business Financial Solutions (BFS) has channelled over N$1.9 billion into the country’s small and medium-sized enterprises (SMEs) through its Namibia Procurement (NamPro) Fund over the past 13 years.
Through the investment, BFS says over 6,200 jobs were created, more than 1,000 SMEs trained, and over 600 finance facilities were extended.
According to BFS’ impact report for 2023, the first Fund was established in 2010 and provides essential financial support to SMEs for fulfilling contractual obligations with major private and public entities.
“With the Government Institutions Pension Fund (GIPF) as its anchor investor, the Fund has been pivotal in enabling SMEs to execute substantial supply contracts. The NamPro Fund has been crucial in promoting sustainable economic development and empowering local businesses through targeted investments,” the report reads.
Regionally, the Fund’s impact has been significant, with the largest investments being in Khomas (N$584.4 million), Erongo (N$313.2 million), //Kharas (N$168.2 million), Otjozondjupa (N$88.8 million), and Kavango East (N$48.6 million).
“Sectoral contributions highlight the Fund’s broad impact, including N$691.8 million in construction, N$269.6 million in retail trade, N$339.3 million in mining and quarrying, N$106.3 million in services, and N$24.4 million in manufacturing,” the report notes.
Meanwhile, the second NamPro Fund, established in 2015, is focused on supporting registered as proprietary limited companies (Pty Ltds).
BFS said since its inception, the Fund has provided over N$526 million in finance facilities, creating approximately 1,400 additional jobs.
“Regional investments for Fund II include !Karas (N$201.2 million), Khomas (N$148.1 million), Otjozondjupa (N$67.4 million), Erongo (N$64.2 million), and Kavango West (N$3.3 million),” said the report.
BFS’s sectoral contributions for Fund II include N$233.3 million in mining and quarrying, N$190.6 million in construction, N$57.6 million in retail trade, N$30.1 million in services, and N$14.5 million in manufacturing.