Namibia’s Development Bank (DBN) has completed a re-strategising exercise that will see it paying more attention to the financing of major projects that have a potential to impact on the country’s economy.
Announcing the new bank’s strategy, senior manager corporate communications, Jerome Mutumba, said the move was necessitated by the call from the bank’s shareholder (the Namibian government) to focus on bigger projects that have potential to stimulate economic growth and also hasten the country’s developmental needs.
“We like our clients to benchmark us on our promise so we have not really gone out for a full scale rebranding because of the need to maintain the identity of the bank. What we have now done is to strategise and come up with a way that will see us focus on major projects. We now want you to recognise us in accordance with our set goals so you should now expect more from us and our new moto is now expect more,” he said.
The DBN is a government-owned development finance institution created to provide a financial conveyer belt for businesses in the country that need to finance for projects with an effect on the national economy.
The bank’s chief executive officer Martin Inkumbi also told the media that they have since revised their loan allocations from a minimum of businesses with sales turnover of N$10 million to those that also have a turnover of N$5 million but engaged in projects that have a major impact on the national economy.
The bank has also deliberately identified the tourism, transport and logistics, and manufacturing as the key economic sectors to benefit from their loan allocations.
The move tallies in line with the Namibian government’s aim to drive economic growth through stimulating key sectors that have potential to create mass jobs, stimulate the economy and also provide a growth platform for their business community.
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