One million Innovation Award goes to Namibian food manufacturing project
Good Business Award winner status to Namibia Plastics and Puma Goreangab Waterfront Service Station
Winner of N$1 million in the Development Bank of Namibia 2018 Innovation Award, VNA Native Foods provided a plan to manufacture powdered soup made from African spinach. The product will provide and additional outlet for local agriculture, contribute to agri-industry and be an alternative to imported powdered soups. The Deputy Minister of Finance, Natangwe Ithete, presented the Award, alongside Chairperson of the DBN Board, Tania Hangula.
Talking about the Award, DBN CEO Martin Inkumbi said the Bank believes that innovation can bring about new products, new business concepts and new enterprises or even industries, which will create employment opportunities, economic growth and economic diversification. He encouraged Namibians to think and act innovatively.
Explaining the Award entry requirement, Inkumbi said the Bank asked entrants to show that they have done the business planning and cash flow projections, that they have thought their innovation through from beginning to end, and that they can launch their innovative business concept in a relatively short period of time, or that they have launched it already.
First runner-up in the Innovation Award, Aqua Greens Namibia, provided a plan to grow food using aquaponics, and farm fish, enhancing food security. Second runner-up Braveart Website proposed a website specializing in Namibian stock photography. This will improve marketing potential for Namibian photographers.
Winner of the Good Business Awards large enterprise category, Namibia Plastics manufactures packaging for leading Namibian brands, contributing to Namibia’s drive towards industrialisation through manufacturing, and substantially reducing import requirements for packaging.
Talking about the nature of the Good Business Awards, DBN Chairperson Tania Hangula said the Bank believes that their borrowers’ success are the Bank’s successes. Borrower success creates an enterprise environment as well as socio-economic development which lies at the heart of the Bank’s vision of national development.
Hangula added that the Bank forms an understanding of client business models, monitors loans and stays in regular contact.
First runner-up in the Development Bank of Namibia 2018 Good Business Awards large enterprise category, Nampro Fund is an investment fund established in 2010 to support SME suppliers that require funding to execute value adding contracts. Partial funding for on-lending to SMEs was provided by DBN.
Second runner-up in the Development Bank of Namibia 2018 Good Business Awards large enterprise category, OLC Arandis Solar is the first solar energy farm to sign a power production agreement with a RED, in this case Erongo RED. Established by Olthaver & List and Cronimet Mining Power Solutions, the company partners with the Women of Destiny Trust to provide benefits to women and children.
Winner of the Development Bank of Namibia 2018 Good Business Awards SME category, Puma Goreangab Waterfront Service Station refuels approximately 2,000 cars daily, provides retail facilities for the communities of Goreangab, Greenwell Matongo, Hakahana, Wanaheda and Otjomuise and provides more than 50 jobs. Banking facilities provide deposit facilities for informal traders and micro enterprises in the vicinity of Eveline Street, as well as general banking for the communities.
First runner-up in the Development Bank of Namibia 2018 Good Business Awards SME category, Ondangwa Airport Lodge focuses on business travel and, in addition to accommodation, also provides facilities for conferencing and events, effectively strengthening the business environment in Ondangwa.
Second runner-up in the Development Bank of Namibia 2018 Good Business Awards SME category, Roadhouse Guest House creates additional capacity on the route between Etosha National Park and north-eastern Namibia, and has created permanent jobs in Omuthiya.
The winners of the large enterprise and SME categories won awards of N$150,000 and N$100,000 respectively, which will be reapplied to the businesses.
While lauding the winners, the Deputy Minister of Finance, Natangwe Ithete said that the Government, through its policies, has put in place an institutional environment which provides finance for infrastructure, larger enterprises and SMEs with the aim of promoting economic activity and inclusivity. He urged project promoters to familiarize themselves with the opportunities provided by the Government and make the best possible use of them.
Development Privately owned solar generation is a significant force for the future of Namibian enterprises, says Development Bank of Namibia Head of Marketing and Corporate Communication, Jerome Mutumba.
There is a current moratorium on implementation of new solar photovoltaic feeds into the national electricity grid, but solar photovoltaic plants can still lend impetus to Namibia’s drive for industrialisation.
To explain this, Mutumba notes that the majority of Namibia’s electricity supply is imported, and that this limits confidence of investors. Mutumba cites a report by Musa Carter in The Economist newspaper of 25 October 2017, which states that a group of unidentified investors decided against establishing manufacturing facilities in Namibia due to concerns over electricity.
Mutumba goes on to say that although we have various national development programmes and policies that give impetus to the country’ aspirations, if the critical component of electricity to power industrial processes is not available, or is priced too high, economic development predicated on industrialisation will experience a sluggish ascent.
Mutumba acknowledges that electricity tariffs need to be marked up to support development of generation capacity and infrastructure, with a view to long-term reductions in imports of electricity, but this also has to be balanced with the needs of industrialisation, which not only will address current needs of economic development, but also the needs of future generations.
The differences in tariffs across the regions obviously make countries which offer lower electricity costs and greater local generation capacity far more attractive to industrialists. If Namibia is to compete, a model has to be provided which is cost efficient for industrialists and gives them security of supply.
Mutumba advances a model in which enterprises can own their own distribution capacity in the form of renewables, particularly solar. To illustrate the model, he uses DBN-financed solar power facility Sun EQ, which provides electricity to Ohorongo Cement. The Sun EQ facility, he says, secures the supply of electricity under an offtake agreement with Ohorongo, and also gives both entities the ability to agree on rates that make Ohorongo sustainable.
In term of financing, Mutumba says that a facility of this nature may be financed over a period of 10 or more years, out of an estimated lifespan of up to 30 years. Although the repayment is required for the period of 10 or more years, this can be recovered from sales of electricity during that period, subsequent to which the cost of generation falls substantially, and the gains can be used either for growth or in anticipation of future replacement.
This model, he says, should be advanced to industrialists as a solution to Namibia’s power deficit. In terms of the model the industrialist not only profits and grows as a result of core business, but can also profit and grow from the subsidiary business of supply of electricity for operational needs.
Talking about scale, Mutumba says, the Bank is open to discussion about the scale of the plant. He suggests that if scale is a concern to a single enterprise, neighbouring enterprises may consider forming consortiums.
Although this may seem unusual, this model can already be seen in shopping centres where electricity is supplied to a spread of tenants from solar installations on roofs. There is no reason why, given a bit of thought and ingenuity, it should not be applied to industrial parks office parks and housing developments, Mutumba concludes.
The Board of the Development Bank of Namibia has extended the tenure of CEO Martin Inkumbi for another five years. Inkumbi was initially appointed as CEO in 2013 following a period as Acting CEO in the wake of the departure of founding CEO David Nujoma.
During the five years since Inkumbi’s appointment, the Bank’s balance sheet has grown from N$2.3 billion with loans and advances of N$1.7 billion at the end of 2013 to N$8.8 billion with loans and advances of N$7.7 billion at 31 March 2018. The Bank’s core business is to advance development by lending to larger enterprises, SMEs and developers of infrastructure.
In addition to the growth of the Bank’s balance sheet, the Bank has passed two major milestones under Inkumbi’s leadership.
Firstly, the Bank put in place an enterprise-wide risk management framework, which enables it to respond to risks in a prudent and proactive manner, including risks inherent in lending, internal operational risks and the risk posed by external market forces. The framework is primarily geared to enable the Bank to mitigate the higher levels of risk inherent in segments of its balance sheet and commitments that require a higher appetite for risk to achieve the Bank’s targeted levels of development impact.
Secondly the Bank has been able to list an N$2.5 billion bond programme on the Namibian Stock Exchange (NSX). In the first, oversubscribed bond auction, the Bank raised N$291 million. Subsequent private placements raised N$210 million. The programme fulfils the Bank’s mandate to develop financial mechanisms for local investors, and also enables investors to generate returns from development.
Inkumbi describes the first five years of his tenure as a period of ongoing evolution and organizational development. Of particular note is the fact that the Bank grew from a complement of 60 staff in 2013 to 90 staff members at the end of its 2018 year. This is evidence of the increased operational intensity and capacity requirement which has fueled the growth of the Bank’s activities.
Additional facets of the Banks evolution and forward looking policies include pioneering finance for renewable energy generation, and the Environmental and Social Management System that mitigates social and environmental risks of the Bank’s lending activities.
On completing a B.Com with majors in Economics, Management and Finance, from UCT, Martin Inkumbi obtained a Post-Graduate Diploma in Finance and Banking from the University of KwaZulu Natal and an M.Sc in Financial Economics from the University of London.
His career in finance began with a position as a researcher in banking statistics at the Bank of Namibia. After being promoted to Financial Analyst, he joined FNB Namibia as a Corporate Banking Manager. In 2006, he joined DBN in the Lending Department, and worked his way up through the ranks.
Development Bank of Namibia (DBN) CEO Martin Inkumbi has announced the Bank’s new positioning, “Expect more.” He says the new positioning statement reflects both the Bank’s transformation, as well as its ambition for the future.
In terms of the transformation, Inkumbi says the Bank has grown substantially since its inception, and evolved.
In terms of size, the Bank is now custodian of assets of approximately N$11 billion, a resource which is continually deployed to nurture larger scale projects consisting of enterprise and / or infrastructure. The Bank, Inkumbi says, is expected to play a larger role in finance for development, based on its growing capacity.
He adds, that the Bank has made significant progress in sourcing capital through issues notes and lines of credit from the external private sector and institutional entities.
Concerning evolution of the Bank, Inkumbi says that DBN has adopted mechanisms such as an advanced enterprise-wide risk management framework, as well as an environmental and social management system that better enable it to manage the risks inherent to financing startups in a dynamic economic environment. He adds that the Bank is currently implementing a treasury function to further strengthen its liquidity and capital raising capacity.
In this case, he explains that stakeholders and borrowers may expect more by virtue of a deeper pool of capital, but should also expect robust risk management, in keeping with the Bank’s objective of maintaining financial sustainability. The Development Bank is a national asset, Inkumbi adds, and has the duty to preserve and sustain itself, as well as grow.
In terms of its impact on enterprises, Inkumbi says, in addition to the ability to finance larger projects from a deeper pool of assets, the Bank now gives more support to its borrowers and potential borrowers who require such support through a formalized mentoring and coaching program. He describes this as a combination of advisory services prior to landing, and capacity strengthening and development through a network of business experts.
He says that each enterprise and project is regarded not just as a financial asset, but also as an asset for the Namibian economy, and so the Bank’s philosophy is to provide the additional support in order to mitigate risks that arise after lending, and ensure the long-term viability of the initiative that the Bank finances.
Internally, Inkumbi says he believes that the new positioning will have a galvanizing effect on staff. The Bank, he says, provides an exceptional environment for personal development, and this has been the basis for a high degree of motivation, and high level of expertise. The Bank’s staff are driven by the concept of personal excellence, however, he believes that the new positioning will drive members of the team to expect even more from themselves.
Asked how he sees the future of the Bank, Inkumbi states that the Bank will strive to respond to the priorities of the Harambee Prosperity Plan as well as the expected Fifth National Development Plan. The Bank, he says, also responds to emerging economic priorities, such as the need to provide social infrastructure such as affordable residential land and housing in line with the Government’s development programs. The Bank’s future will be guided by the needs of the nation, and the goal of sustainable development. In light of this, he concludes, the best forecast for the Bank is to expect more.
Development Bank of Namibia (DBN) Erongo Portfolio Manager, Simeon Unotjari Kahona, has announced that the Bank is seeking opportunities to stimulate more demand for finance in the Erongo region.
In terms of the Bank’s additional focus on infrastructure and business projects, identified in the Harambee Prosperity Plan (HPP), the Bank will seek out projects promoted by private entrepreneurs, through public private partnerships (PPPs), as well as projects identified by the regional council and local authorities. However the Bank will also seek to finance projects that are unique to the economy of the Erongo region.
Talking about the requirement for energy, noted in HPP, Kahona says that the Bank has advanced N$280 million to Erongo RED to ensure supply of electricity, financing was also advanced for Arandis solar project and is also engaged in project finance to secure bulk fuel supply for Namibia.
Among the additional projects that the Bank envisages financing are local authority projects, through PPPs, to develop serviced land, for affordable housing. Kahona adds that the Bank will also finance social infrastructure in Erongo, noting that economic development should walk hand-in-hand with socio-economic development, if greater levels of economic activity are to be of benefit to citizens of the region.
Kahona also says that the region has the potential to strengthen its own internal economy to serve the needs and wants of its enterprises. The Bank believes there is more opportunity to finance light engineering industry that services marine enterprises and the transport and logistics sector, the developing energy sector, and the marine products processing subsector. These projects should have an annual turnover, or projected annual turnover, of N$10 million or more.
In terms of local consumer demand, Kahona announced N$25 million in finance for local food manufacturing, for African Deli, an enterprise established to manufacture instant meals with an African flair. This, he says, shows that there is potential in Erongo to fulfill regional demand, that can extend nationally and further into the SADC market.
Kahona concludes by saying that Erongo is a region that keeps on giving to Namibia’s national economy, and the Bank treats it as a gateway for development in light of this. In the period between 2004 to January 2017, the Bank has provided more than N$4,4 billion in finance to the region. In line with its national gateway status, the majority of that finance, N$3,3 billion was allocated to transport and logistics. This was followed by allocation of N$451 million to the electricity sector and N$197 million to business services.
Namibia is currently facing multiple economic challenges. Drought, in some parts of the country, volatile commodities markets, the changing market dynamics of our neighbors, Angola and South Africa, and a temporary period during which government spending priorities are being realigned are some of the uphill scenarios facing the country. In such a dampened economic environment the challenges facing enterprises are to sustain and strengthen assets and equity on balance sheets, and sustain operations.
It is in times like these that entrepreneurs and business promoters ought to take stock of their circumstances and map out a sustainable growth trajectory for their enterprises. The Development Bank of Namibia (DBN) advocates sound business administration. Strong administration is the basis for disciplined spending, and servicing of debt and other commitments. If commitments are not met, and if the administration is not sound, enterprises run the risk of losing capacity in a manner which will place them in difficult situations to offset their financial obligations in the medium to long-term.
This particularly includes robust cashflow forecasting and tracking to enable entities to identify challenges in advance and respond appropriately.
Cutbacks on unnecessary expenditure are a first response to circumstances, but must preserve operational capacity as well as the strategic assets in which an entity has invested. Ill-considered cutbacks will reduce the capacity of the enterprise with immediate effect, and will also have a long-term impact on viability.
Unless the enterprise has developed a cash reserve, growth should be a secondary consideration, and approached with caution. The primary consideration should be capital preservation and retention of current capacity.
Strong relationships with existing customers will be an asset. Although the first instinct of the entrepreneur will be to maximize profit, the soundest approach is to offer value and understanding in order to preserve existing cashflow.
The same applies to business-to-business (B2B) transactions and relationships. Supplier networks should leverage their understanding of shared outcomes and offer one another, value in order to preserve the viability of the B2B network.
In order to preserve and even strengthen capacity, DBN encourages equity participation transactions between enterprises where cash flow is required. In this manner, enterprises with strong reserves can grow their balance sheets, while enterprises that have underdeveloped reserves can build their own balance sheet.
This approach must be considered on a long-term basis, rather than as a short-term measure to bridge gaps. In addition to the long-term nature of the equity transaction, the Bank advocates common purpose of the enterprises and complementary corporate philosophy and management skills and capacity.
In this regard, DBN may consider financing of equity participation, which may include management buy-outs to leverage capacity of employees.
In terms of infrastructure, the current national investor initiative proposes to place the development of infrastructure, and its operation, in the hands of public private partnerships (PPPs) or purely private entities. The Bank will consider financing of particularly operating capital for Namibian holders of equity, where the entity is engaged in the development and servicing of projects identified in terms of the initiative.
One of the Bank’s underlying strategies is to preserve the development impact of its customers, not just in terms of physical outputs, but also in terms of capacity for employment.
In this regard, DBN advocates close cooperation with its customers. Where a customer may be experiencing challenges to cashflow, the Bank will advise on mitigation measures. The Bank has a track record of providing turnabout strategies for its customers with the help of pooled consultants, and also has an operational function to draw on proven external advisory and mentoring capacity for larger enterprises.
The Bank encourages customers to approach it for mitigation measures, where appropriate, as additional debt or delayed repayment compounds repayment commitments in the long-term.
Although the Bank understands that there are challenges, these challenges can be overcome with sound administration and prudent approaches on the part of enterprises, as well as close cooperation with the Bank on mitigation measures where these are required.
The Development Bank of Namibia has announced the appointment of Saima Nimengobe as its Senior Manager: Risk & Compliance. Nimengobe’s appointment supports the Bank’s Enterprise Wide Risk Management Framework.
Based on the framework, the Bank manages inherent risks in its environment which are categorised as risks in the financial market, liquidity risk, operational risk and IT risk. The management of liquidity risk is necessary for ensuring that the Bank has sufficient resources to continue lending, and the management of operational risk prevents fraud, corruption and misappropriation. IT risk is managed to preserve business continuity and protect against breaches of the Bank’s IT integrity.
Compliance risk management quantifies capital, funding and liquidity, credit, country, market, operational, regulatory and business risk. A qualitative component ensures that the correct principles, policies and procedures are applied by the Bank and reputational risks are properly managed by means of adequate controls.
Talking about the importance of risk management, DBN CEO Martin Inkumbi said that the Bank manages risk in the interests of its own sustainability, as well as the security of its borrowers. The purpose of risk management, he elaborates, is to properly understand the risks that the Bank faces, and proactively and effectively mitigate against and adjust to risk.
Inkumbi added that risk management does not reduce the Bank’s operational capacity and activities, but rather empowers the Bank to engage in operations within acceptable levels of risk.
He said that in 2016, the Bank took steps to better manage the market risk inherent in treasury functions by familiarising itself with market risk management processes and systems, and identifying specialist human capital requirements, as well as beginning the process of recruiting those skills on a permanent or outsourced basis.
He went on to say that the Bank also added an environmental and social management system in 2016 to ensure that its finance does not have harmful social and environmental consequences.
Inkumbi welcomed Saima Nimengobe, who joined the Development Bank of Namibia as Senior Manager: Risk & Compliance, to the team, saying that her skills and knowledge will greatly enhance the Bank’s effectiveness and sustainability.
Nimengobe holds an MBA from the University of Stellenbosch (USB), which she attained in 2012, a Bachelor of Accounting from UNAM, a postgraduate certificate in compliance management and several certificates in project, risk and compliance management.
She was previously employed as Group Enterprise Risk Manager at the Ohlthaver & List Group, and Risk Manager at Namibia Breweries. She has extensive experience and knowledge in developing and embedding risk policies, enterprise-wide risk management, including governance compliance, and financial evaluation for investment purposes.
The Development Bank of Namibia (DBN) has announced the winners of the 2016 Good Business and Innovation Awards. The event took place at the Safari Convention Centre in Windhoek, and was presided over by the Minister in Charge of National Planning, Hon Tom Alweendo.
The Good Business Awards recognise a combination of good business practices and contribution to development by larger and emerging enterprises who are DBN clients. The Innovation Award recognises innovative enterprises and initiatives that have the potential to transform Namibian enterprise and socio-economic issues.
In addition to business practices and development impact, recipients of Good Business Large Enterprise Awards were judged on resource utilisation.
The recipient of the Large Enterprise Award was The Delight Hotel in Swakopmund, a member of the Gondwana Group, developed by Bahnhof Properties. The hotel is using Namibia's beauty and the scenic environment of the Erongo Region to strengthen tourism in Namibia. The 54-bed hotel creates additional tourism capacity for the region, as well as providing opportunities for tourist enterprises such as restaurants, shops and activity operators.
Beefcor Meat Supplier, the first runner up, developed abattoir facilities for farmers near Okahandja, strengthening marketing facilities for cattle farmers, with an indirect impact of strengthening job security for farm workers. Omburu Sun Energy, the second runner up, was the first large photovoltaic plant in Namibia, with an output of 4.5 MW. The company generates and sells electricity in terms of an independent power purchasers agreement.
Good Business Emerging Enterprise Awards were rated based on permanent employment creation, in addition to good business practices and development impact.
Octagon Construction was the overall winner of the Emerging Enterprise Award. The company used DBN finance for suspensive sales agreements to acquire heavy construction equipment, which substantially reduces the cost of rental. At the time of the agreement, the company had a personnel complement of 29, with a requirement for a further 19 permanent employees. The company is expected to create up to 100 permanent employment opportunities. Octagon Construction, headquartered in Windhoek with a branch office in Ongwediva, specialises in roads, bridges, municipal infrastructure and housing developments.
First runner up Omaka Investment used DBN finance to construct premises for a building material warehouse in Outapi, operating capital, as well as acquisition of inventory and office equipment. An estimated 50 employment opportunities have been created. Second runner up, Usakos Service Station, used DBN finance to acquire the service station, associated businesses and land in a complete management buy-in. The enterprise is expected to create 50 new permanent jobs.
In 2016, the Innovation Awards sought out ideas with a strong manufacturing basis and those that could address current issues.
The overall winner of the Innovation Award was Kiyomisandz Beauty Products which develops innovative quality skincare and body products for men and women. Established by cosmetic and analytic chemist Sandra Mwiihangele, the company also provides contract services that assist with research & product development, stability testing, quality control, manufacturing and packaging.
First runner up was Green Life Trading, which manufactures plastic fence droppers from recycled plastic. The fence droppers, which can also be used in construction of traditional rural homes, address the problem of litter as well as degradation of trees, are more durable than wood. Second runner up was Dial-A-Water Namibia which provides technology to extract water from humidity in the air. The extractive technology is suitable for use in homes, villages and industry.
Speaking at the event, Minister in Charge of National Planning, Tom Alweendo said that although the country’s strategy of nurturing enterprise has produced tangible results, more must be done to establish enterprises. He said that although labour and capital are available, the entrepreneur acts as an important catalyst to give the necessary spark to economic activities through entrepreneurial decisions, and can play a pivotal role in economic transformation.
When more and more entrepreneurs emerge, Minister Alweendo said, more job opportunities are created for the unemployed. As time passes, these enterprises grow, providing direct and indirect employment opportunities to many more people.
Thanking the Development Bank of Namibia, he concluded by saying that the vision of a Namibian House where no one feels left out will be realised sooner than later.
In his introduction to the event, DBN CEO Martin Inkumbi said that the Bank recognises its best performers as a matter of accountability to its stakeholders, as well as to offer encouragement to its customers and future borrowers.
Inkumbi urged stakeholders to recommend the Bank to infrastructure developers and entrepreneurs as a means of obtaining enabling finance for projects and enterprises with a developmentally beneficial development impact.
Hanri Jacobs has been appointed as Chief Financial Officer of the Development Bank of Namibia (DBN) in a selection process conducted by the Bank's Board of Directors. She succeeds Renier van Rooyen who left DBN to join the Corporate Advisory Reform Unit of the Ministry of Public Enterprises.
Jacobs will have oversight of the financial management, treasury and IT functions of the Bank.
Previously, she has served as Chief Financial Officer and then Acting Managing Director of NamPower. Thereafter, she joined Manitoba Hydro International, a transmission company, where she was an executive director for the company's Nigerian operation.
Regarding her appointment, DBN CEO Martin Inkumbi said the return of Jacobs to Namibia, and her capability and experience, will stand the Bank in good stead. He elaborated by saying that the Bank will draw on her knowledge and experience of large-scale infrastructure finance, structuring of corporate finance, as well as high-level corporate strategy and governance.
Jacobs obtained her B.Compt. in 1990, and her B.Compt. Hons in 1991. She is a registered Chartered Accountant and passed the examination of the Chartered Institute of Management Accountants.
She has over fifteen years of financial experience in all levels of financial and management accounting and business processes, in addition to five years' SAP implementation experience.
Development Bank of Namibia (DBN) Senior Communications Manager Jerome Mutumba encourages local authority representatives and entrepreneurs to visit DBN at the Erongo Business and Tourism Expo taking place from 26 to 29 October. Although the Bank has offices in Walvis Bay, he says DBN’s presence at the Expo is intended to provide a convenient point of contact for visitors from other centres in the Erongo Region who do not regularly visit Walvis Bay.
Mutumba says the Bank views Erongo as a region with major potential for contributing to the development of Namibia's economy.
Mutumba identifies four enterprise areas where the region can be further strengthened: manufacturing, transport and logistics, light and heavy industry, and tourism.
In terms of manufacturing, Mutumba says there is room for growth and diversification of existing enterprises, as well as start-ups. He says that manufacturing can benefit from the Walvis Bay Corridor and trade with neighbouring countries. He identifies the Walvis Bay Corridor and the benefits of SADC regionalisation as a stimulus for enterprise growth in the transport and logistics sector.
Mutumba points out that support for operations of light and heavy industry will be required for growth of the Erongo mining sector, as well as the Port of Walvis Bay and associated marine activity. This will lead to opportunities for growth of existing industrial operations and start-ups.
Tourism, he notes, can be further developed through the establishment of additional enterprises in the accommodation and restaurant subsector. He says that although Walvis Bay and Swakopmund have a high degree of activity in this field, there is room for additional capacity in smaller Erongo centres and conservancies.
Talking about infrastructure, Mutumba urges local authorities to consider the necessity for forward-looking plans to accommodate population growth in the region, as well as the growth of enterprises. He points to water provision as one area that is currently receiving priority consideration. In addition, the servicing of land for affordable housing, the provision of electricity and the construction of roads are requirements for the sustainability of the region in decades to come.
Mutumba says that the Bank has a sound and sustainable pool of finance that can be brought to bear in the Erongo Region. The depth of the pool is illustrated by large-scale provision of finance for Erongo RED and The Delight Hotel.
DBN has a long and successful track record in Erongo. Mutumba lists N$1.934 billion in approvals to the region, and an estimated job impact of 1,703 new jobs and 2,424 temporary jobs. The largest beneficiary sectors in Erongo have been construction with approvals of N$848.4 million, electricity and water with N$454.57 million, real estate and business services with N$194.73 million and manufacturing with N$116.33 million.
Mutumba concludes by reiterating his invitation to local authorities and enterprises to visit the Erongo Business and Tourism Expo. The Bank opens doors to enterprise and infrastructure finance, and the Expo is one such door.