Development Bank scouts for viable projects in Otjozondjupa
The Development Bank (DBN) will be in the Otjozondjupa Region later in the month and will host information sessions to familiarize stakeholders on their activities, and how to apply for larger enterprise finance.
The information sessions will take place on 27 February, at Okahandja Country Lodge, from 16h00 – 17h00, Tuesday 28 February at Out of Africa in Otjiwarongo, from 11h30 – 13h30, and Thursday, 2 March at Peace Garden Lodge in Grootfontein from 11h30 – 12h30.
DBN CEO, Martin Inkumbi will lead a team to prospect projects with an annual turnover of N$10 million or more in the fields of manufacturing, transport, logistics and tourism. The Bank is targeting Otjozondjupa for agri-processing, tourism, and manufacturing enterprises that create mass employment.
The Bank will seek to finance projects in these sectors, promoted by private entrepreneurs, through public private partnerships (PPPs), as well as projects identified by the regional council and local authorities.
DBN is a share holder in Ohorongo Cement, also in in the Otjozondjupa, and DBN Communications
Manager, Jerome Mutumba said that although conventional wisdom would seek to place a large manufacturing enterprise such as Ohorongo in the Khomas or Erongo Regions, the company uses the central location of the region to reach multiple regions with a reduced logistical chain, and makes use of the local resources.
DBN recently announced its additional focus on infrastructure and business projects which are aligned to the pillars of the Harambee Prosperity Plan (HPP).
Talking about the value of development finance for Otjozondjupa, Mutumba said that the region has the potential to become a hub of economic activity and a major source of value to the economy of Namibia.
“Not only does the region act as a link between the productivity of Erongo, Khomas and the northern regions, but it also has the potential to provide goods and services for the regions around it,” he added.
Mutumba said that the region has the potential to strengthen its own internal economy to serve the needs and wants of its inhabitants. In turn, this stimulated the region with employment, and associated economic activity.
In the period between 2004 to January 2017, the Bank provided N$615 million in finance to the region. The largest allocation went to Otjozondjupa’s manufacturing sector, at N$243.36 million, which includes Ohorongo cement.
This was followed by N$187.4 million for construction, and N$145.1 million for electricity. The allocation to electricity includes the Omburu Sun project, which pioneered solar energy production through the independent power production model that is currently being rolled out across Namibia, as well as its sister project, Osona Sun.