Erongo region receives highest funding from DBN

The country’s Erongo region has been revealed as the biggest beneficiary of the Development Bank of Namibia (DBN)’s funding.

 “The region is the second largest beneficiary region after the Khomas Region, however factoring in finance for the NEF strategic fuel storage facility of N$4.2 billion, the region received the highest amount of finance in Namibia,” DBN CEO Martin Inkumbi said at the inauguration of the Bank’s new building in Walvis Bay.

 DBN Chairperson Sarel van Zyl said Erongo is a very important region for economic activity, with the Bank having provided funding for key projects such as Aqua Utilities to semi-purify water for Walvis Bay, as well as cranes for NamPort.

 “It is also an important hub for intra-regional trade. It is a major source of industrial and commercial output, and of course, is a very popular tourism destination, not only for local and regional tourists, but also for international visitors from all over the world. The Bank has also made extensive investments in the Erongo tourism and hospitality industry. Through its economic activity, Erongo supports a large concentration of Namibia’s population, all of whom are beneficiaries of development,” he said.

 Van Zyl said the DBN had recognised the need for operational capacity in the region by opening an office in 2014, and to address expectations of substantial growth, it has developed a larger office.

 Walvis Bay Mayor, Trevino Forbes, urged DBN to assist with development of the town.

 “There is a need for a balanced approach to development. In order for development of enterprises and infrastructure to be of value, the initiatives also have to be of value to the residents in the vicinity, in this case Walvis Bay,” he said at the event.

 Forbes added that the expansion of residential areas to Farm 37 will alleviate population pressure in Kuisebmond and Narraville, while improving the socioeconomic wellbeing of residents. 

“The expansion should include provision for medical, educational, commercial and recreational facilities,” Mayor said. 

 The inaugurated DBN office is expected to serve towns in the Erongo region as well as some entrepreneurs and enterprises in the Kunene region.

 

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