Development Bank spends more than N$2 million on feasibility study for Nkurenkuru Extension 6
The Development Bank of Namibia recently signed an agreement with the Nkurenkuru Town Council for an N$2,6 million feasibility study, funded by the Bank’s Project Preparation Fund for the town’s proposed Extension 6.
Development Bank CEO Martin Inkumbi said that local authorities are overarching agents of economic development impacting development economic and social activity.
Inkumbi said that Nkurenkuru, being the economic hub of the Kavango West region would benefit from financial support as developing the town will see economic activity spreading to outlying settlements and areas in the region.
“The new extension has passed the litmus test of the Environmental Impact Assessment, the study will focus on commercial viability. This will entail examining demand for facilities envisaged by the existing plan, as well as affordability. If demand and affordability are uncertain, there will be a significant financial risk to the local authority and the Bank. By identifying and understanding the risks, the plan can be amended to mitigate the risks and ensure viability,” Inkumbi said.
Inkumbi noted that the extension 6 project contains a significant allocation of serviced land for residential and business purposes, as well as, government, local authority and institutional entities, vital to delivering social services to the residents of Nkurenkuru and the Kavango West region.
“Although provision of residential serviced land and housing is cast as one of the most pressing needs for development, it is vital to ensure that social wellbeing is provided for with provision for social development agencies such as ministries, local authorities and other institutions. Nkurenkuru has a pressing need for these agencies, and provision of serviced land is an immediate step to resolving the issue,” he added.