SADC Correspondent | Oct 30, 2018 | 0
Recognition is part and parcle of financing
Octagon Construction is the best emerging enterprise funded by the Development Bank of Namibia. Here, the Minister of Economic Planning and the Director of the National Planning Commission, Hon Tom Alweendo, presents the Emerging Enterprise award at the bank’s Good Business awards to George Hainana and Indileni Kandele (second and third from left), and Lukas Betwel and Bruh Ayele (second from right and right). Witnessing the event is the bank’s CEO, Martin Inkumbi (centre right).
The Delight Hotel in Swakopmund, one of the establishments in the Gondwana Collection, last week bagged the top spot in the Development Bank of Namibia’s Good Business awards. The second spot was taken by Beefcor Meat Supplies.
In the Emerging Enterprise category, Octagon Construction was the winner with Omaka Investment in the second place.
The Good Business awards were conferred by the Minister of Economic Planning and the Director of the National Planning Commission, Hon Tom Alweendo assisted by the bank’s CEO, Martin Inkumbi.
Inkumbi spoke about the importance of recognising the bank’s best performing clients as accountability to the bank’s stakeholders.
The Good Business awards recognise a combination of good business practices and contribution to development by larger and emerging enterprises who are Development Bank clients. The Innovation Award recognises innovative enterprises and initiatives that have the potential to transform Namibian enterprise and socio-economic issues. The Innovation award went to Kiyomisandz Beauty Products.
Large Enterprise winner, the Delight Hotel is 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. 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.
Emerging Enterprise winner, Octagon Construction used Development Bank 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 staff complement of 29 with a view 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.
Minister 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.