Development Bank of Namibia has inaugurated its expanded office in Walvis Bay on 14 February 2022. The office is expected to serve towns in the Erongo region as well as some entrepreneurs and enterprises in the Kunene region.

In his opening address, Chairperson of the DBN Board of Directors, Sarel van Zyl, described Erongo as a very important region for economic activity. It holds the Port of Walvis Bay, one of the most significant points of entry to Namibia. 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. Through its economic activity, Erongo supports a large concentration of Namibia’s population, all of whom are beneficiaries of development.

Since its early inception, Van Zyl continued, the Bank has been actively engaged in finance for the region. Early projects included Aqua Utilities to semi-purify water for Walvis Bay, as well as cranes for NamPort. The Bank has also made extensive investments in the Erongo tourism and hospitality industry.

He said the Bank recognized the the need for operational capacity in the region by opening an office in 2014, and to address expectations of substantial growth, the Bank has now developed this larger office.

Officially inaugurating the office, Walvis Bay Mayor, Trevino Forbes, described Walvis Bay as a microcosm of Namibia, pointing to its tourism and hospitality industry, transport and logistics as well as manufacturing and light industry.

However, he pointed out that Walvis Bay also reflects poverty experienced in Namibia. He said 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 went on to describe the needs of Walvis Bay that would improve the socioeconomic wellbeing of residents, especially expansion of residential areas to Farm 37 to alleviate population pressure in Kuisebmond and Narraville. The expansion, Forbes said, should include provision for medical, educational, commercial and recreational facilities.

He called on Development Bank to assist with development of the town, and pledged Council accountability and integrity in dealings with the Bank.

Talking about Development Bank activity in Erongo, DBN CEO Martin Inkumbi said 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.

Inkumbi concluded by saying that the Erongo office also receives some visitors from the Kunene Region, and is planned to serve as a future base for visits to //Kharas and Hardap.

Previously Acting Head of the Development Bank of Namibia’s (DBN) Investments Department, Hellen Amupolo, has been formally promoted to Head of the Investments Department.

Since joining the Bank in 2008, Amupolo was instrumental in establishing the Ongwediva branch, and she played leading roles in developing pioneering financing models for renewable energy and delivery of land and affordable housing through public private partnerships (PPPs).

Amupolo’s career trajectory at the Bank began with the position of Business Analyst. As she progressed, she became Northern Regional Portfolio Manager, then Senior Portfolio Manager: Infrastructure and Utilities. Just prior to her appointment to the Head position, she held the position of Senior Investments Manager. Before joining DBN, she held the positions of Acting Chief Economist for the Ministry of Fisheries and Marine Resources and Market Analyst for South Africa Breweries.

Amupolo is a Chartered Development Finance Analyst who holds a Bachelors in Economics from the University of Namibia and a Masters in Development Finance from the University of Stellenbosch. Amupolo’s training includes exposure to a number of structured finance and investment banking interventions during her banking career.

Talking about the role of the DBN Investments Department, Amupolo said it finances large scale enterprises with annual turnover exceeding N$10 million and infrastructure. Infrastructure, whether for energy generation and distribution, water, telecommunication and transport infrastructure creates the necessary base on which large corporate and SME enterprises can anchor their economic activities.

Key focal areas for the Investment Department include transport and logistics, tourism and hospitality, and manufacturing, areas identified in NDP5 as critical for growth of the Namibian economy. The Department also finances initiatives that address structural needs of the economy, such as privately owned solar power generation, and sociological issues such as provision of serviced land and affordable housing.

Going forward, Amupolo said the Bank is consolidating finance for renewable energy and water infrastructure under its climate adaptation facility. The Bank is also investigating new financing programs, and announcements would be made if and when they become feasible.

In addition to her role as Head of DBN’s Investments Department, Hellen Amupolo also serves as Chairperson of the Investment Committee of Momentum Metropolitan Namibia, sits on the Board of the Roads Authority where she serves as Chairperson of the Audit Committee, and she is a member of the Ministry of Finance Public Private Partnership Committee and Review Panel for Public Procurement.

The Bank announces the formal closure of investigations and subsequent disciplinary inquiries which emanated from the widely reported alleged infractions in allocating finance. Seven DBN employees were placed on administrative leave during April of 2020 in order to make way for unhindered investigations on the alleged misconduct.

After the protracted commissioned processes of investigations and subsequent disciplinary inquiries, which were outsourced to external parties to ensure impartiality, the Bank is happy to inform that the matter has now been finalized and suspended employees have since returned to work.  

The Bank holds its employees to high ethical standards in the execution of their work and the necessary systems and processes are in place to manage employee conduct.

The Bank encourages its stakeholders to report alleged fraud or corruption involving DBN staff, clients or potential clients. An anonymous call be done through the confidential external channel which protects whistleblowers. Email tip-offs to This email address is being protected from spambots. You need JavaScript enabled to view it., or call 0800 290 800 (toll free on landlines and mobile devices).