Old Mutual invests N$1.3bn in developmental projects

Old Mutual says it has invested over N$1.3 billion in Namibia to address the country's critical development challenges. 

The insurance giant, through its Domestic Investment Portfolio, invested more than N$200 million in land servicing projects in Windhoek, Swakopmund, Otavi and Walvis Bay.

A further N$300 million was availed for combined land servicing and affordable housing in Otjiwarongo. The project consists of 300 ervens that have been developed and a further 292 houses to be delivered. In Rundu, 116 ervens will be developed, and currently more than 32 housing units have been delivered.  In Mariental 56 ervens have been constructed and 206 houses to be delivered.

A N$650 million investment, according to the insurance giant, was deployed in commercial property investments in various towns including Windhoek, Rehoboth, Keetmanshoop, Arandis, Grootfontein, Ondangwa and Oshikango.

“Our investments in a myriad of bankable projects, particularly in the housing and infrastructural development space, seek to balance commercial returns with a positive social impact. Our track record is testament to the fact that attractive returns and a positive impact are not mutually exclusive,” said Lionel Kannemeyer, the Managing Director for the Old Mutual Investment Group.

“Domestic investments can ensure that Namibian savings are effectively utilised to stimulate development by making a meaningful contribution to the economy, and the developmental needs of communities through funds managed by Old Mutual’s Alternative Investment function. Through the funds it manages, Old Mutual Namibia has been able to make considerable differences within the spheres of housing, renewable energy, education, and health.”

He said N$70 million had been invested in various schools and institutions of learning.

“Human Capital investment is another critical component of any country’s socio-economic growth and future; therefore, we have endeavoured to invest in various schools and institutions of learning to the tune of approximately N$70 million for projects which are located in Windhoek, Walvis Bay, and even so far as Nkurenkuru,” Kannemeyer said.

In terms of healthcare, he added, Old Mutual has funded medical infrastructure to the value of some N$30 million which was developed and invested in Rehoboth and Ondangwa.

 “We have developed investment structures which are flexible enough to fit local circumstances and evolve over time as the local market circumstance develops. Old Mutual therefore values the importance of local domestic investment and continues to raise funds from pension funds to support and fund developments which would not only improve the socio-economic development of the country but also to ensure sustainable Return on Investment (RoI) goals are met,” Kannemeyer said.

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Last modified on Tuesday, 14 June 2022 23:43

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