Development Bank reflects on 2014 milestones
Inkumbi said the Bank’s first private debt issue, in the form of N$200 million promissory notes, was fully subscribed on 24 November.
He said the success of the debt issue showed that investors have confidence in the capability of the Bank to deliver acceptable returns while fulfilling its mandate to develop Namibia. Speaking on DBN’s balance sheet, Inkumbi said the Bank’s assets have passed the N$2 billion mark.
This, he said, represents a growing resource for development finance. He said the structure of projects listed on the balance sheet was responding to the Bank’s focus on larger entities within the manufacturing, transport and logistics, and tourism sectors, as well as infrastructure. Inkumbi said that the opening of the Bank’s new Erongo office is an important part of their refocusing and that Erongo should be viewed as a gateway region for other regions in Namibia. As enterprise and infrastructure are stimulated around the port and the mining sector, opportunities emerge for enterprise in other regions. Talking about the Bank’s focus on catalytic innovation, Inkumbi said that 2014 was extremely successful in two aspects. Firstly, he highlighted the Bank’s finance for Omburu Sun Energy. He said that the solar energy generator will contribute to the pressing need for greater energy independence saying the project is particularly valuable as it opens the door for finance of private sector energy generation. Secondly Inkumbi pointed to the addition of the Innovation Award in the third annual Good Business Award.
“The scope and range of projects received for consideration show that an innovative mindset is thriving, and that there are significant opportunities for the financial sector to consider,” he said. “DBN places a great deal of emphasis on innovation as a catalyst for economic development, and the successes of 2014 have provided us with valuable experience for the future,” he continued. Commenting on the 2014 successes of the Bank, Martin Inkumbi said that the successes of the Bank were a fitting accompaniment to the Bank’s 10th anniversary.
“Every year has provided us with opportunities to develop our operations, capacity and experience, but 2014 has been a stand-out year,” he said. Inkumbi thanked his Board of Directors and the Bank’s management and staff for their dedication and for a highly successful year.