The Development Bank of Namibia (DBN) reports a current loan book value of approximately N$8.5 billion, reflecting its ongoing commitment to supporting the country’s economic growth.
DBN Chief Executive Officer John Steytler highlighted the bank’s strategic focus on increasing support for youth and women in future lending.
Steytler explained that following a recent analysis, the bank discovered that only 11% of its loans were directed towards youth and women.
“When we prepared the new strategy, we realised that out of the loan book, only 11% of all the loans went for youth and women,” Steytler said.
In response, DBN has set a target to ensure that 30% of its loans are allocated to women and youth by 2029.
“We resolved that over the next five years, until 2029, 30% must go to women and the youth. We must be intentional, and we have to develop products that will be intentional…that will say, these products are specifically for women and youth,” Steytler added.
He further explained that future products will be designed specifically for these groups.
“Right now, all our products, youth can apply, women can apply, but we say some products in the future, it’s only women or youth that can apply for it. And that will correct the loan book,” Steytler noted.
The bank is also targeting specific sectors, including green industrialisation, rural transformation, energy, and housing.
“We are looking at green industrialisation, rural transformation because we want to see, and also to promote development in rural sectors, in rural areas. We are also looking at energy and housing,” said the CEO.
Regarding the future growth of the loan book, Steytler said, “I don’t know what the value of the loan book will be five years from now, but say, for example, if it’s 10 billion, then at least 3 billion should be for women and youth.”
Since its inception in 2004, the Development Bank has approved loans totalling over N$20 billion in nearly two decades, up to February 2024.
The accomplishment has led to the creation of just over 115 jobs, indicating the bank’s contribution to economic development in Namibia.