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Germany has extended N$1.1 billion to Namibia to fund various projects in the country, in a deal signed on Thursday in Berlin, as the two countries strengthen bilateral ties.

The Supreme Court has dismissed an appeal by Menzies Aviation (Namibia) (Pty) against Namibia Airports Company Limited (NAC) for awarding a ground handling contract to Paragon and Partners in a recent judgment.

The Deputy Minister of Mines and Energy has applauded the diamond sector companies, Diaman and The Namibia Diamond Trading Company (NDTC), for their continued efforts in youth development.

Old Mutual Investment Group (Old Mutual) says it is placing impact investing and sustainable development at the forefront of its agenda, in a display of commitment to social and environmental progress.

The Ministry of Agriculture, Water and Land Reform says it will absorb at least 32 former employees of the Agricultural and Business Development Agency (Agribusdev), a state-owned company, which was dissolved.

The Ministry of Environment, Forestry and Tourism says it will soon introduce fines for speeding and non-adherence to rules in National Parks.

Cabinet has approved the banning of the export of unprocessed lithium and other critical minerals.

The dividend owed to the Iranian government as part of its 15% stake in the Rössing Uranium Mine has increased to approximately N$331 million.

The government has called for economic re-engineering so that policies, reforms, and funding cater to grassroots levels.

 The Namibia Financial Institutions Supervisory Authority (NAMFISA) says there was no increase in the number of claims filed to short-term insurance companies following the December 2022 heavy rainstorm that damaged property worth millions of dollars in Windhoek.

This comes after the regulatory body had predicted that insurance claims would likely increase in frequency and severity as a result of the heavy storms that occurred on 14 December 2022, unless flood risk is specifically excluded from the scope of cover.

"We looked at our data and there was no significant impact in terms of claims that were paid out and therefore, the effects I could reasonably say it was within the normal cause of business. According to the data, there are no major spikes that are of concern

This contains data from the quarter in which that period is included and with our interactions with the insurer gave us the assurance that there was no impact on their end," NAMFISA CEO Kenneth Matomola told The Brief.

At the time of the floods, Matomola noted that part of NAMFISA’s mandate is ensuring that short-term insurers have adequate capital reserves to ensure policyholders’ obligations are met at all times.

“Should a policyholder’s claim be unjustly repudiated, the policyholder has recourse to lodge a complaint with NAMFISA. From a consumer protection perspective, NAMFISA provides recourse mechanisms at no cost to consumers of financial services that are treated unfairly by its regulated entities.”

Similarly, the Namibia Special Risks Insurance Association (NASRIA) which had been hinted as the likely bearer of most of the claims from the floods was quick to point out that it did not provide cover for floods and thus, does not expect to receive any claims from the floods. 

According to the Bank of Namibia, Namibia's non-banking financial institutions' (NBFI) sector remained resilient in 2022.

This is despite NBFI assets contracting by 1.2% to N$366.1 billion, coinciding with negative financial market performances over the first three quarters of 2022.

"Despite the contraction, the sector is expected to remain solvent in the short- to medium-term with its net assets expected to robustly absorb adverse asset side shocks. Risks inherent in NBFIs include inflation and its impact on the affordability of NBFI services, particularly medical aid funds, long- and short-term insurance, and market risk and its impact on the asset side," said the bank in the country's Financial Stability report.

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