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DBN funding to assist with the construction of two private schools in Walvis Bay and Ongwediva

N$72.9 million has been provided by the Development Bank of Namibia (DBN) in finance for two new Gymnasium private schools, which will be located in Ongwediva in the Oshana region and Walvis Bay in the Erongo region.

DBN Chief Executive Martin Inkumbi said that in addition to their commitment to finance larger social enterprises, the schools will provide 160 temporal employment opportunities during construction and several permanent jobs thereafter.

He said that the schools will also have their need fulfilled by regional and national SMEs.

He expressed hope that the school in the Oshana region will instill a love and appreciation of the region and its potential in learners and he hoped this will lead them to complete their education and return to the region to participate in and grow the regional economy.

“The availability of additional places in private sector schools will make the Oshana region an attractive residential locality for parents of school-going children, thereby adding to the pool of professionals and managers, participating in growing the regional economy of Oshana,” he added,

On the Erongo region Inkumbi said Walvis Bay will become a hub for Namibia’s future energy and industries, he said this will require engineers, managers, scientists, technicians, projects planners, and leaders. “By shaping young minds, the Walvis Gymnasium will become part of the future of Erongo and Namibia,” he emphasised

He went on to challenge the Gymnasiums to extend their influence in their regions, by sharing knowledge and best educational practices with educators in the region. He challenged the schools to spread education to learners from lower-income households by providing educational scholarships to gifted learners that ordinarily would not have the means to attend private schools.

Inkumbi said they have recently inaugurated their Sustainable Finance Framework and added that shortly they will launch their first sustainability bond, which will represent an opportunity for investors to earn returns from finance for environmentally and socially beneficial enterprises.

He further said they return a portion of their earning to provide schools that do not qualify for finance with the means to repair and improve their facilities as a part of their corporate social investment.


About The Author

Mandisa Rasmeni

Mandisa Rasmeni has worked as reporter at the Economist for the past five years, first on the entertainment beat but now focussing more on community, social and health reporting. She is a born writer and she believes education is the greatest equalizer. She received her degree in Journalism at the Namibia University of Science and Technology (NUST) in June 2021. . She is the epitome of perseverance, having started as the newspaper's receptionist in 2013.