09/06/2023
PRESS RELEASE: Development Bank of Namibia partners with Norsad Capital to improve affordable housing and financial sectors
The Development Bank of Namibia (DBN) has signed a Memorandum Of Understanding (MoU) with Norsad Capital, an impact investor and private credit provider offering tailor-made debt solutions to profitable growth-stage companies. In collaboration with DBN, this partnership is set to increase various investment mandates in Namibia, including affordable housing and the financial sector through injections into banking, insurance, microfinance, and investment funds.
Among other resources, Namibia is rich in renewable energy sources, particularly solar and wind power. DBN’s move to join forces with Norsad will open up possibilities for increased investments in renewable energy projects which could see Namibia’s dependence on imported energy decrease while creating a positive impact for communities.
“There are currently an array of investment opportunities in Namibia, including the renewable energy sector, infrastructure, agriculture and agribusiness, to name a few. We look forward to being part of Namibia’s growth potential through more investment in these areas which form part of the four themes and four sectors of opportunity that we’ve identified for expansion across Africa,” says Kenny Nwosu, CEO at Norsad Capital.
Development Bank of Namibia Chief Executive Officer Martin Inkumbi says the institution views finance for small and medium enterprises (SMEs) as vital to the economy and that’s why the DBN SME Centre structures finance for SMEs depending on the complexity of the project.
The Bank works with applicants to develop a deep understanding of business models, project proposals, and enterprise milestones so that it can develop viable financing terms that take sustainability, risk and growth into account.
“A partnership of this nature will allow us to further develop and support SMEs and other businesses with the appropriate products such as business loans and commercial property development finance,” adds Inkumbi.
Sustainability forms an integral part of the business models of both entities.
The DBN has prioritised sustainable business practices since its inception. This entails providing responsible financing while gaining the best possible financial returns and contributing to improved outcomes for clients, the environment, and society at large.
This is in line with Norsad Capital’s impact investment focus on the United Nations’ Sustainable Development Goals. Norsad Capital aspires to be a thematic impact investor selecting investments that clearly contribute to addressing social and environmental concerns while working towards their goal of impacting 100 million lives by 2030.
With a shared focus on contributing to sustainability and social development, this partnership will have a positive impact on the lives of the people of Namibia.
-ENDS-
About Norsad Capital
Norsad Capital is an impact investor and private credit provider offering tailor-made debt solutions to profitable growth-stage companies that deliver desirable social and environmental impact. With a track record spanning over 33 years, Norsad Capital has invested over USD 500 million in more than 150 companies across the continent.
About The Development Bank of Namibia
The Development Bank of Namibia is mandated to contribute to the development of Namibia and the socio-economic wellbeing of its citizens.
