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01/11/2024

FOR IMMEDIATE RELEASE

Development Bank of Namibia Unveils 2023/24 Integrated Annual Report Highlights Transformative Impact and Future Goals.

The Development Bank of Namibia (DBN) officially launched its 2023/24 Integrated Annual Report, showcasing a year of significant impact and strategic achievements in financing projects that contribute to Namibia’s socio-economic development. The event, held on 31 October 2024, presented the Bank’s financial results and outlined its roadmap to 2029, emphasizing DBN’s commitment to transformative development finance and sustainable growth across key sectors.

Sara Kapiye, Chief Human Capital Officer, presented an overview of the report to the media and invited guests. She stated that the report reflects DBN’s core values of Accountability, Integrity, Service Excellence, and Transformative impact, saying: “This is in alignment with the Bank’s strategic pillars of Financial Sustainability, People & Culture, Market Positioning, and Development Effectiveness”.

Key highlights from the 2023/24 report include:

•  Job Creation: DBN facilitated the generation of 3,525 jobs through various projects, with a substantial focus on supporting small and medium enterprises (SMEs) and fostering employment across Namibia.

•  Infrastructure and Green Financing: A total of N$319.1 million was allocated to infrastructure financing, with 78% directed towards solar energy projects, reinforcing DBN’s commitment to sustainable and green financing solutions.

•  Youth and Women Empowerment: DBN demonstrated its dedication to inclusivity by investing N$42 million in youth-owned businesses and N$51.4 million in women-owned enterprises, supporting a more equitable entrepreneurial landscape in Namibia.

•  Support for SMEs: Seventy-four SME projects received funding, totalling N$95.9 million. Additionally, DBN’s National Mentoring and Coaching Programme provided guidance to over 260 mentees, strengthening business acumen and resilience.

•  Corporate Social Investment (CSI): DBN invested N$487,839.42 in corporate social initiatives, including the completion of a maternity ward in Rupara, Kavango West, and donated N$30,000 to Oshuungu Combined School for classroom furniture. The Bank’s contributions underline its commitment to social welfare and development in underserved areas.

The Bank’s financial performance overview was presented by Nicky Mutenda, Chief Financial Officer. Key financial highlights from the 2023/24 report include:

•  Loan Approvals: DBN approved a total of N$319.1 million in loans for infrastructure financing, with 78% directed toward solar energy initiatives. This strategic allocation aligns with DBN’s focus on sustainable and green financing solutions, a crucial component of Namibia’s economic and environmental future.

•  Revenue Growth: The Bank recorded substantial revenue growth due to increased lending to both the service and manufacturing sectors, with a combined loan value of N$450.1 million supporting 22 service sector projects and two manufacturing projects worth N$43.0 million.

•  Youth and SME Financing: DBN maintained its commitment to inclusive financing, with N$42 million allocated to youth-owned businesses and N$95.9 million supporting 74 SME projects across Namibia. This focus contributes directly to the Bank’s strategic goal of fostering broad-based economic participation.

•  Development Impact and Stability: With a keen focus on social investment, DBN funded projects that resulted in the creation of 3,525 jobs, significantly impacting Namibia’s economy and supporting socio-economic stability.

Mutenda stated: “As DBN expands its financial footprint, the Bank is also committed to digital transformation initiatives to streamline processes and ensure efficiency in loan disbursements and customer engagement.”

“Our 2023/24 financial performance reflects a robust and responsive institution that is well-positioned to meet Namibia’s evolving development needs. We are not only financially sound but strategically equipped to amplify our impact in sectors that drive national progress. As we move toward our 2029 targets, we are committed to responsible, inclusive growth,” he said.

The financial results presented in the 2023/24 report demonstrate DBN’s capacity to achieve sustainable returns while prioritizing socio-economic outcomes that empower Namibia’s communities and economy.

Looking ahead, the Bank’s 2024–2029 Integrated Strategic Business Plan (ISBP) charts an ambitious course towards achieving a projected loan book growth of N$1.292 billion by 2029. The plan aims to create 25,000 sustainable jobs, drive digital transformation to enhance loan processing efficiency, and allocate 30% of loan approvals to women and youth by 2029.

DBN Chief Executive, John Steytler, stated, “The 2023/24 Integrated Annual Report not only showcases the progress made but also reaffirms our mission to empower Namibian businesses and communities. Our focus on sustainable financing and inclusive growth is integral to our vision of a thriving, resilient economy.”

With the launch of the 2023/24 report, DBN reiterates its commitment to creating a high-performance culture, sustaining its impact through strategic partnerships, and playing a vital role in Namibia’s economic transformation.

...ENDS

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Photo: (Fltr) John Steytler (DBN Chief Executive), Tonata Nghifitikeko (DBN Chief Technology & Information Officer), Sara Kapiye (DBN Chief Human Capital Officer), Nicky Mutenda (DBN CFO)