DBN finances PowerCom

DBN said that is has extended a N$30.5 million guarantee facility to PowerCom to ship equipment into Namibia for operations.

“DBN is excited about this project because apart from the creation of 75 direct jobs, the mobile industry generates substantial economic benefits in terms of its contribution to gross domestic product (GDP), generation of employment and government revenues … and increased competition in the telecommunications sector,” Nuyoma said.

PowerCom is a joint venture operation between Namibia power utility NamPower and Norway’s Telenor.

The joint venture operation, which was licensed mid this year has formed an operations company called Cell One, which had initially planned to come on stream in December.

Should it become operational, Cell One is expected to provide stiffer competition to existing mobile firm, MTC.

PowerCom managing director Mac Allman lauded the new relationship between the mobile firm and the bank saying DBN had become a vital source of capital.

PowerCom has said that it plans to build a nation-wide network providing coverage to 95 percent of the populated area within the next five days.

BDN also said that it has extended a N$4.75 million loan towards a bursary loan scheme which is going to fund the education of about 230 Namibians.

The money is going to be managed by a firm called Edu-Loan, which is going to lend money to Namibians, for educational purposes at concessionary rates. An additional N$1 million has also been released to Enviro-Fill Namibia for the extension of the lifespan of Kupferberg land fill site.

The project is not expected to create jobs but the bridging facility would assist the company to be financially stable, DBN said.

The environmental project is run as a joint venture operation between South African investors and Namibians who own 48 percent of the company.

The bank said it has stepped in as a measure of helping preserve the environment, which is a key concern at present and for future generations.

“Enviro-Fill’s initiative reduce the effect of pollution and environmental damage. Sophisticated waste management process involves all sorts of laboratory tests, which are being mastered by Namibians, thus contributing to skills development in the country,” said DBN chief executive David Nuyoma.

Wendjizuva Pharmac, wholly owned by a Namibian has been given a N$500 000 loan for business expansion.

The company’s growth plans were being hampered by lack of capital. “We are particularly thrilled by our involvement in this venture as it is a further step towards opening up the retail pharmaceutical industry to black economic empowerment participants.

December 2006
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