EU bank credit for Trustco SME drive
The Trustco team, led by the group’s CEO, Dr Quinton van Rooyen (third from left) and the Vice-President of the European Investment Bank, Mr Pim van Ballekom (second from right) successfully concludes a landmark financing deal.
The European Investment Bank (EIB) of the European Union, this week signed a N$113,5 million credit facility with Trustco Group Holdings Limited, to finance small businesses and entrepreneurs.
This forms part of a larger debt financing structure of approximately N$450 million, sourced from NORSAD Finance.
“The debt financing programme includes a US$10 million financing from NORSAD Finance raised at the group level. The balance of the financing denominated in South African Rand, to which the Namibian Dollar is pegged, includes an amount of approximately ZAR115 million raised from the European Investment Bank,” Trustco said in a statement announcing the combined deal.
“The European Investment Bank has a strong track record in supporting crucial investment programmes across Africa and around the world.” said Pim van Ballekom, European Investment Bank Vice-President. “We are glad to support Trustco Group Holdings Limited in continuing to provide loans to a crucial segment of the economy that has traditionally struggled with getting access to finance.”
“The Trustco Group remains committed to a vision of creating wealth for our shareholders, customers and employees while impacting the society and the planet positively. This facility will enable Trustco to contribute meaningfully to the aspiring citizens of Namibia, for whom I hold a great affinity to,” said Dr. Quinton van Rooyen, Group Managing Director of Trustco. This facility is expected to aid between 500 and 1000 SME businesses and individual local entrepreneurs throughout Namibia.