Prospectus
2019/20

Index2
About Development Bank of Namibia
3
Governance and leadership82020 development impact
252020 environmental and social management
33
2020 statement of profit or loss and other comprehensive Income
34
2020 statement of financial position35
2020 statement of changes in equity
36
2020 cash flow statement

On the front cover:
Big Dog Resources (see page 32)

1About Development Bank of Namibia
The Development Bank of Namibia is mandated to contribute to thedevelopment of Namibia, and the socio-economic wellbeing of its citizens.
The goals that it sets itself are ambitious. In order to achieve its vision ofprosperity, the Bank continuously evolves and develops its capacitywith the aim of being an exceptional agent of economic development.

To achieve prosperity, the Bank transforms the private sector through financefor larger enterprises in key economic sectors that are expected to deliver
development impact, economic activity and employment, particularly in thefields of infrastructure, manufacturing, tourism and transport & logistics.
To achieve transformation through inclusive economic participation, the Bankfinances previously disadvantaged Namibians and women entrepreneurs. Withan eye on the future, the Bank also provides finance to youth entrepreneurs,
the next generation of Namibian enterprise leaders.
To develop a conducive environment for enterprise and social wellbeing,
the Bank provides finance for infrastructure and utilities, notably energy,
electricity and water.
With the aim of socio-economic wellbeing, the Bank participates indevelopment of towns and villages, serviced land, affordable housing, andprivate sector health and educational facilities.
The Bank represents an ongoing endeavour to materially improve Namibia,
now and in future. This is an ongoing challenge which the Bank continuously
reviews, and to which it rises.

Financed By DBN
The Ongos Village housing project will significantly contribute to alleviating
the need for affordable housing in Windhoek.

2Governance and leadership
There were no failures of governanceobserved in the Bank during the
2019/20 financial year.

Financed by DBN
Namibia Gypsum (pictured under construction) will transform Namibia’s gypsum
resource and add value to it.

3Mandate
The main objective of the Bank
is to contribute to economic growth and social development of Namibia and for the sustainablepromotion of the welfare of the Namibian people by:mobilising financial and other resources from the private and public sectors
nationally and internationally;
appraising, planning and monitoring the implementation of development schemes,
export projects and other economic programmes of national importance;
facilitating the participation of the private sector and community organisations in development
schemes, export projects and other economic programmes of national importance;
and assisting in the development of money and capital markets.
The ancillary objectives of the Bank
are to:cooperate with, and assist, other development financial institutions in order to achieve
an integrated finance system in Namibia for economic growth and sustainable development;
andassist other institutions in the public and private sectors with the management of specific funds
in order that the development requirements of Namibia may be met.

Governing legislation and its key features

Internal governance

The Bank was established through the Development
Bank of Namibia Act of 2002 and incorporated as apublic company.

The DBN articles of association provide for the numberof directors, their powers and for their retirement.
They further provide for the payment of dividends,
directors’ remuneration and auditors’ fees.

Its memorandum and articles are drawn up in terms of
the Companies Act, which applies to the Bank, subject
to the provision of the Development Bank of Namibia
Act.

The Bank has Board and Management Charters thatare reviewed on an annual basis. In the Charters, thelimits of authority are stipulated as well as the roles
and responsibility of the various Board Committees,
Board members and management.

The Minister of Finance, by gazette, may exempt the
Bank from any provisions of the Companies Act.

The Corporate Governance Code for Namibia provides
for the establishment of structures and processes, withappropriate checks and balances that enable directors
to discharge their legal responsibilities, and oversee
compliance with legislation.

The Banking Institutions Act does not apply to the Bank,but the Minister may in consultation with the Bank of
Namibia apply any provision to the Development Bankof Namibia.

The Code of Business Conduct and Ethics requires all
employees and persons acting on behalf of the Bank to
act in an ethical and professional manner, upholding theBank’s core values, standards and principles at all times.
The Code of Business Conduct and Ethics clarifies
what is deemed acceptable business behaviour from aBank employee so as to ensure the Bank’s sustainablebusiness. At the core of this Code are the values of:

The Public Enterprises Governance Act of 2019, applies
to the Bank, which requires the Bank to provide regularfeedback in compliance with the Public Enterprises
Governance Act to the Minister of Public Enterprises.
A governance agreement was concluded on 13 June2013 between the Bank and the Ministry of Finance as
per section 11 of the Public Enterprises GovernanceAct.
All Directors for the year under review signed
performance agreements with the shareholder in termsof section 12 of the Public Enterprises Governance Act.
The Bank must, no later than 6 months after theend of each financial year, submit its annual reportto the Minister of Finance and the Minister of PublicEnterprises. This has been adhered to.

4•Service•

Integrity•

Transparency•

ExcellenceBoard of Directors
The Board’s primary mandate is to ensure thesustainability and successful continuation of theBank’s business activities by providing strategic
direction to the executive management. Independent
non-executive directors are appointed by the share-

holder in terms of section 10 of the Development
Bank of Namibia Act, 2002 for a period not exceeding
five years, and can be reappointed. Current Board
members were appointed on a three year term which
commenced 1 April 2018.

Tania Hangula (Chairperson)

Tabitha Mbome

Qualifications: Post Graduate Diploma Business Management (UCT),
National Diploma Commerce (NUST) Paralegal Certificate (UCT)

Qualifications: B.Juris (UNAM), B.Law (UNAM), Notary Public (Namibia),
Accredited Mediator (High Court of Namibia)

Experience: Businesswoman & Executive Assistant (World Bank,
Washington DC), Civil servant (Government of Namibia)

Experience: Legal Advisor (Namibia Statistics Agency), Senior Legal
Practitioner (Neves Legal Practitioners), Legal Clerk - Legal Aid (Ministryof Justice)James Cumming

Diana Husselmann

Qualifications: B.BusSc (UCT), Postgraduate Diploma in Accounting (UCT),
Chartered Financial Analyst and Chartered Accountant (Namibia)

Qualifications: Bachelor in Human Resources Management (NUST),
Certificate in Dispute Resolution (UNAM), Certificate in Industrial
Psychology and Organisational Behaviour (UNISA), Diploma in Human
Resources Management (NUST)

Experience: Businessman, Head of Research (Simonis Storm Securities),
Financial Officer (Clareville Capital London) (UK), Audit Manager(Deloitte) (Ireland), Trainee Accountant (Deloitte and Touche) (Namibia)

Experience: Manager: Remuneration (Swakopmund Uranium),
Superintendent: Remuneration (Swakopmund Uranium), Specialist:
Remuneration and Benefits (Rio Tinto) (Rossing Uranium Limited), Head:Remuneration and Administration (Nampower), HR Business Partner(Namdeb Diamond Corporation)

Kai Victor Geschke

Martin Inkumbi (CEO)Qualifications: Bachelor of Accountancy (UOS), Honours Bachelor of
Accounting Science (UNISA), Postgraduate Diploma in Auditing (UNISA),
Chartered Accountant (Namibia) (South Africa), Public Accountant andAuditor (Namibia)

Qualifications: M.Sc Financial Economics (University of London),Postgraduate Diploma in Banking and Finance (University of Natal), B.Com(UCT)
Experience: Chief Executive Officer (DBN), Head Lending (DBN), Portfolio
Manager (DBN), Manager: Corporate Business Services (First National
Bank of Namibia), Financial Market Analyst (Bank of Namibia), Research
Officer (Bank of Namibia)

Experience: Businessman, Managing Director (NEO Paints Factory), Group
Financial Manager (Old Mutual Holdings Namibia), Assistant Audit Manager(PricewaterhouseCoopers Namibia)

5

Executive management and committees
Executive managers form an Executive Management Committee(Exco), and participate in the Asset and Liabilities Committee(ALCO), the Procurement Committee, the Risk and Compliance
Committee, the Human Capital and Remuneration Committee, theInformation Technology Committee, and the Credit and Investment
Committee. Exco members report to the CEO, but may also reportto the Board of Directors. The Company Secretary reports to theBoard, as well as the CEO, on management matters.

Hanri Jacobs (Head: Finance & ICT, Chief Financial Officer)

Vivian Groenewald (Head: Credit Risk)

Qualifications: Bachelor of Accounting, (UFS), Bachelor of Accounting Honours (UFS),
Certificate of Theory of Accounting (UFS), CIMA Final Exam, Chartered Accountant(South Africa), Certified Professional Accountant, Chartered Accountant (Canada)

Qualifications: MBA (General Management) (USB), B.Com in Banking Management (Credit
Management) (Oxford Brookes University, (UK) – Damelin School of Banking (SA)),
Associate Diploma (CAIB, SA), Advanced Credit Management Diploma (IoB), Credit
Management Diploma (IoB), Certificate in Banking (IoB)

Experience: CFO (DBN) Executive Finance Director (Transmission Company of Nigeria- Manitoba Hydro International contract), CFO (NamPower), Corporate Controller(Manitoba Hydro Canada), Financial Director (Etosha Transport), Financial Manager(Dundee Precious Metals, Tsumeb), Consultant (BCHydro Canada), SAP Consultant(Ohlthaver & List), Manager of Finance (FortisBC Canada), Finance & IT Manager(Transnet Rail Engineering South Africa), Audit Manager (PWC South Africa)

Experience: Head: Credit & Operations (Cavmont Bank, Zambia), Senior Manager Credit(Bank Windhoek), Manager: Credit Wholesale (Standard Bank, Namibia), Assistant BranchManager: Oshakati (Standard Bank)

Robert Eiman (Acting Head: Lending)

Saima Nimengobe (Head: Risk & Compliance)

Qualifications: MBA (UNAM), Certified Associate (IoB), Advanced Marketing Diploma(IoB), Marketing Diploma (IoB), Certificate in Banking (IoB)

Qualifications: Master of Business Management & Administration (USB), Bachelorof Accounting (UNAM), Postgraduate Certificate in Compliance Management (UJ),
Certificate in Project Management (USB)

Experience: Acting Head of Investments DBN, Senior Investment Manager DBN, Portfolio
Manager DBN, Head of SMEs at FNB Namibia, Commercial Manager FBN Commercial
and Corporate Banking, Branch Manager North at FNB, Business Manager FNB

Experience: Senior Manager: Risk & Compliance (DBN), Group Manager: ERM &Compliance (O&L Group), Risk Manager, (Namibia Breweries), Risk Officer (NamPower),
Risk & Compliance Officer (Old Mutual), Trainee Accountant (Ernst & Young)John Mbango (Head: Portfolio Management)

Adda Angula (Company Secretary & Legal Services)

Qualifications: MSc in Financial Economics (University of London), B.Econ (UNAM)

Qualifications: Bachelor of Laws Degree (UWC), Master of Laws Degree withspecialisation in Human Rights and Democratisation in Africa (University of Pretoria),
Admitted Legal Practitioner of the High Court of Namibia, Associate Member ofChartered Secretaries Southern Africa

Experience: Portfolio Manager (DBN), Business Analyst (DBN), Team Leader: Namibia
Early Warning and Food Information Unit (Ministry of Agriculture, Water & Rural
Development), Economics Tutor (UNAM)

Experience: Head: Governance & Reporting (Capricorn Group), Assistant Company
Secretary (Capricorn Group), Lecturer (UNAM), Legal Practitioner (Sisa Namandje
and Company Inc)

Elriana Burger (Head: Human Capital & Operations Support)

Heike Scholtz (Head: Business Strategy)

Qualifications: B.Com (Personnel Management) (University of Pretoria), Executive Human
Resources Certificate (UOS)

Qualifications: MPA (Infrastructure Management) (University of Pretoria), MBA(University of Pretoria), B.Eng (Civil) (University of Pretoria)

Experience: Acting Head of Human Resources (Bank Windhoek), Head: Human Resources
Administration (Bank Windhoek), Human Resources Administrator (Bank Windhoek),
Personnel Officer (Meatco), Efficiency Analyst (Office of the Prime Minister), Division
Human Resources and Development, Senior Assistant Personnel Officer (Ministry of
Health & Social Services) Senior Assistant Personnel Officer (Administration for Whites)

Experience: Head: Business Development (DBN), Portfolio Manager (DBN), Head:
Research (IJG Securities), Investment Analyst (Allan Gray Namibia), Senior Financial
Analyst (Bank of Namibia), Engineer (Namibia Water Corporation)

Erik de Waal (Senior Manager: Strategic Investments)
Qualifications: MBA Graduate School of Business (UCT), B.Eng (UOS)
Experience: Manager: Strategic Transactions – DBN, Portfolio Manager (Mining &Manufacturing) (DBN), Senior Engineer (Energy Partners), Account Manager (Mining,
Power, Energy, Technology) (Frost & Sullivan) Electrical Engineer (Debmarine Namibia)

6

Governance structure

Audit, Risk
and Compliance
Committee

Credit and Investment
Committee

Human Capitaland Remuneration
Committee

CEO
Executive Committee

Credit andInvestment
Committee

Human
CapitalCommittee

Risk andCompliance
Committee

IT
Committee

Assets andLiabilities
Committee

Procurement
Committee

Management Committees

Internal
Audit

Board of Directors

Board Committees

External
Audit

Shareholder

increase efficiency and allow deeper focus in specificareas. The Committees are created and mandated by
the full Board. The Committees are the Board Credit
and Investment Committee, Board Audit, Risk andCompliance Committee and the Board Human Capitaland Remuneration Committee.

Shareholder
The shareholder representative (the Minister ofFinance) is responsible for the appointment of themembers of the Board and the Chairperson of theBoard. The Bank’s Memorandum of Incorporation
provides that there should be a majority of independent
non-executive directors.

Internal Audit
The internal audit function provides independent
assurance to the Board, and supports the Board inpromoting effective effectiveness of the Bank’s internal
control, risk management and governance systems andprocesses.

Board and Board Committees
The Board holds ultimate responsibility for the
Bank’s business strategy and financial soundness,
key personnel decisions, internal organisation andgovernance structure and practices, risk management
and compliance obligations.

External Audit

As at 31 March 2020, the Board comprised of six
directors, of whom the majority were non-executive
and independent, including the Chairperson, as well as
one executive director, the Chief Executive Officer.

The external auditors provide external assurance. The
relationship between the external auditors and the
Bank is overseen by the Audit, Risk and Compliance
Committee.

The independent, non-executive Directors havediverse skills, experience and backgrounds, and all havea comprehensive understanding of the industry as wellas the business of the Bank.

CEO and Executive Committee
Under the direction and oversight of the Board,
Exco carries out and manages the Bank’s activities ina manner consistent with the business strategy, risk
appetite, remuneration and other policies approved by
the Board.

The Board has delegated some of its functions, though
not its responsibilities, to Board Committees to7

Approvals and development impact
In 2019/20, the Bank approved N$1,137.8 million
in loans.
SME approvals amounted to N$279.3 million.
This amounts to approximately 24.5%
of cumulative approvals.
The Bank approved finance for 11,609 jobs.
Excluding the stabilizing impact on existing jobs
in enterprise approvals, new and temporary jobs
impacted amounted to 9,823 jobs.
SMEs accounted for 1,573 or 16% of the total
new and temporary jobs.

Financed by DBN
Su-Zan’s, an SME in Lüderitz, manufactures work clothing and school uniforms.

8

Impact highlights
2019/2020

Cumulative approvals
2013 - 2020
Total
N$15,949.4 m

2020
N$1,137.8 m

General approvals
Total approvals amounted
to N$1,137.8 million.

2019
682.1 mEmployment
Bank finance is projected to create
8,130 new permanent jobs lasting morethan three years, and1,693
temporary jobs.

2018
N$2,516.1 m

SME finance
N$279.3 million was approved
for SME finance in 2019/20, climbing
from N$160.3 million in 2018/19.

2017
N$4,425.8 m

Start-ups
The Bank approved finance for 36
start-ups in 2019/20, climbing from21 start-ups in 2018/19.

2016
N$1,798.8 m

Affordable land and housing
Bank finance was approvedfor 228.8 ha of serviced landand 416 residential units.

2014
N$1,609.0 m

Youth finance
The Bank launched skills based financefor artisans and professionals
aged 35 and under2013
N$840.1 m

Approvals: 2013 - 2020 including NEF

9

Overview of the operating economic environment in 2019/20
In 2019, the global economy sank to the weakest performance since
the global financial crisis, following weak trade and investment. The
World Bank estimated the global economy to grow at 2.5% in 2020,
however the outlook has been revised down due to the outbreakand spread of Covid-19 which will negatively affect growth.

In an environment of limited fiscal space, government spending is
reduced to the critical areas, sometimes leaving out activities that
could be impacted on by the DBN.
DBN, like the economy, faced a year of growing headwinds.
However, despite the complex and tough economic environment, it
registered an increase in loan approvals.

The expected economic recovery in Sub-Saharan Africa has lost
momentum, with growth in 2019 estimated to have edged down
to 2.4%, from 2.6% in 2018 in World Bank estimates. Economic
performance in the Sub-Saharan African region will also be revised
downward due to COVID-19. Slower growth, was also influenced
by global headwinds that affected economic activities in many
developed countries, as well as commodity prices. With the
exception of gold, all prices declined.

The Government imposed severe restrictions and lockdown
measures, subsequently bringing economic activities to a virtual
standstill. As a result, real GDP, expected to contract by 7.8% in
2020, could contract even more according to statistics from the
Bank of Namibia published in August 2020. This will result in morenegative impacts of COVID-19 restrictions and lockdown measuresthat are affecting economic activities in the country’s key sectorsof tourism and hospitality, mining and quarrying, and beverages,
amongst others.

According to the 2019 Bank of Namibia Preliminary National
Accounts, Namibian real GDP contracted by 1.1% in 2019 following
a moderate positive growth rate of 0.7 percent in 2018.
Weak Namibian economic performance in 2019 is attributed tothe drought. Primary industries are estimated to have contracted
by 7.8%, down from growth of 8.5% in 2018. Secondary industries
maintained a growth of 0.9%, unchanged from that of 2018. Tertiaryindustries improved to positive growth of 0.6% from a contractionof 1.4% in 2018. Real sector performance has a direct impact on
DBN’s portfolio.

The repo rate was 6.75% at the end of 2018/19 but was cut by
150 basis points to stand at 5.25% in March 2020. The repo rate
was reduced by 25 basis points in August 2019, and another 25
basis points in February 2020, before a large reduction of 100
basis points in March of 2020, as the central bank tried to support
domestic activity in response to COVID-19. The cumulative impactof the falling repo rate will negatively impact the Bank’s financial
position, but may strengthen demand for finance.

Government intervention is critical in times of poor economic
performance. In the year under review, the government had tocontinue its spending to help businesses stay afloat, supporting
households and helping to preserve employment. Public debt
increased from 49.1% of GDP in 2018/19 to 54.9% in 2019/20.
Weakening fiscal balances and increases in public debt are indicatorsof a deteriorating fiscal position.

Covid-19 will result in more businesses closing or being
restructured, job losses and salary cuts. This will result in reduced
consumption and lower investment demand. Businesses will takedrastic actions to ensure survival and stability of their businesses.
This will have repercussions for household wealth and income aswell as private business investments and growth, further impacting
DBN’s performance.

Impact-led financeachieve prosperous, inclusive, resilient, and sustainable growth.
The Bank, operates on the basis of the catalytic effect that it canhave on private sector investments, the ability of those businesses
to contribute to sustainable economic growth and development
impact. DBN’s lending products provide a form of mitigation against
risks as well as finance for projects that would not otherwise havebeen implemented

DBN is cognisant of persistent challenges, such as highunemployment, poverty and income inequality and in line with its
mandate, the Bank makes efforts to enhance its impact.
DBN aims to make positive development impacts, harnessing thepower of the public and private sectors to promote growth andemployment. This translates into structural economic changes,
which are a necessary pre-condition for widespread and sustainable
development impacts. Structural changes are aimed at translation
into outcomes such as enterprise growth and development,
boosting competitiveness, positive employment impacts andeconomic and socio-economic transformation.

The Bank’s strategy ensures access to finance in all regions,particularly those with low economic activities as well as
unproclaimed areas. DBN promotes finance for previously
disadvantaged Namibians, including businesses owned by womenand youth. It also provides finance for activities that would usually
be risky for commercial finance. In this regard, DBN acts as firstmover and initial risk-taker, essentially piloting and testing newareas of finance, which will then spur, or provide evidence for othercommercial finance.

DBN finances private sector operations with the objective ofcreating positive developmental impacts through its finance.
Private sector enterprise growth also results in increased
government revenues. The Bank’s strategy guides the DBN to

Measurement of impact
DBN aligns its activities to the country’s development priorities .
The priority focus of the finance is therefore aimed at facilitating,establishing and building industries and infrastructure, as well as
employment.

The DISC enables the Bank to boost its development impact byproviding a measurable basis for benchmark scores, structured
around combinations of seven key development pillars:•
Creation of sustainable employment opportunities•
Contribution to economic growth and sectoral diversity•
Infrastructure development•
Manufacturing•
Socio-economic transformation•
Import substitutions and export promotion•
Regional equity

DBN’s impact is assessed using the Bank’s impact measurement
tool, the Development Impact Score Card (DISC). The DISC is
structured around the Bank’s strategic focus and reflects the Bank’sbusiness strategy. The development impact assessment gives anindication of the Bank’s potential economic and socio-economic
impact.

10

Weights are allocated to each pillar, totalling 100 per cent, and loan
applications are assessed on this basis.

•••

Infrastructure is scored separately as it is an enabler ofsocio-economic wellbeing and enterprise success, but is notcomparable to enterprise, for instance.

•

All other sectors are scored cumulatively under services.

•••

The highest average development impact score is 5
A score of less than 1 is considered to have low development
impact, and a motivation must be provided prior to approval
for a project in this band.
A score of more than 1 but less than or equal to 3 is considered
to have moderate development impact
A score of more than 3 but less than or equal to 4 is considered
to have a high development impact
A project with a score of 4 and up to 5 has a very highdevelopment impact, and should be prioritised

Cumulative impact score measures
SMEs
A total of 156 SME projects to the value of N$279.3 million have aweighted average development impact score of 3.4.
Infrastructure•
In 2018/19 the DISC was evolved to ecompass multiple measures:

Six infrastructure projects to the value of N$573.7 million have aweighted average development impact score of 4.1.
Manufacturing•

Manufacturing is treated separately to provide an overview ofimpact in light of Namibia’s industrialisation drive.

Two manufacturing projects to the value of N$114.2 million have aweighted average development impact score of 4.0.

•

SMEs were added to score the impact of the class ofenterprises in light of the Bank’s realignment which isintended to ringfence SMEs into their own lending operation.

Services
Nineteen services projects to the value of N$170.7 million have aweighted average development impact score of 2.5.

Weighted average impact scores in 2019/20 Weighted average / month

Apr
2019

May
2019

Jun
2019

Jul
2019

Aug
2019

Sep
2019

Oct
209

Nov
2019

Dec
2019

Jan
2020

Feb
2020

Mar
2020

Total

Services

-

-

2.3

-

3.3

2.8

-

-

2.3

1.4

2.2

2.4

2.5

Infrastructure

-

4.3

-

4.3

-

-

-

-

-

-

4.3

-

4.1

Manufacturing

4.4

-

-

-

-

3.8

-

-

-

-

-

-

4.0

SMEs

3.1

3.3

3.5

3.2

4.0

3.2

3.1

3.4

3.7

3.2

3.5

3.5

3.4

5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0

Services

2.5

Infrastructure

4.1

Manufacturing

4.0

SMEs

3.4

11

Overview of 2020 development impact
In 2019/20, DBN committed N$1,137.8 million in loans,guarantees, and co-financing to support the country’s
development needs. Despite persistent negative economic
growth, the amount was 40% more than the N$678.2 million

approved in 2018/19. There was no finance that was directly
channelled to the public sector (SOEs) during 2019/20, so all
the funds benefited the private sector, with 3.6% or N$40.7
million of those funds benefiting PPP arrangements.
2018/19

Public / Private Split

2019/20

N$ m% of total

N$ m% of total

Private

475.7

69.7

1,097.1

96.4

Public

-

-

-

-

206.4

30.3

40.7

3.6

682.1

100.0

1,137.8

100.0

Public Private Partnership
Total Approvals

In total 271 approvals were made, compared to 185 approvals
in 2018/19. Thirty-six of the loans were start-up businesses
compared to 21 start-ups in the previous year. More than halfof the total loan approval amount in 2019/20, N$634.8 million

was for start-ups. The total amount approved for start-ups theprevious year was N$90.5 million, so although the number ofenterprises was higher, the requirement for capital was lower.

2018/19
Transformation (Private sector approvals)
Start-Up Businesses

2019/20

No.

N$ m

No.

N$ m

21

90.5

36

634.8

A total of 84.3% of DBN finance in 2019/20 effectively benefited
previously disadvantaged Namibians across all geographicalregions, and various economic sectors, with infrastructuredevelopment, particularly land servicing, receiving the largest

share of loan approvals. The Bank disbursed N$884.12 million
in 2019/20. This was less than half of the N$2,003.02 million
disbursed in 2018/19.

Financing for sectoral development
In alignment to Government plans and strategies, DBN
finance prioritizes some sectors over the others. These are
NDP5 sectors that are key to driving industrial expansion,
inclusivity, job creation, delivering essential infrastructure, as
well as addressing persistent inequalities, fostering economictransformation, and ultimately economic growth. Of the N$1.14

billion approved, 38.9% or N$442.9 million, benefited businesses
in the land servicing sector.The second largest amount went to
the manufacturing sector, accounting for N$130.7 million, or
11.5%. The details on actual business activities financed for land
servicing and manufacturing as well as for other sectors arenoted in the subsections below.

Sectoral approvals
2018/19: all

Business Services

2018/19: SMEs

2019/20: all

2019/20: SMEs

N$m

% of
total

N$m

% of
total

N$m

% of
total

N$m

% of
total

72.3

10.6

30.5

19.1

177.0

15.6

150.9

54.0

Commercial property

35.2

5.2

7.1

4.4

2.2

0.2

2.2

0.8

Construction

89.5

13.1

73.1

45.6

127.2

11.2

67.4

24.0

Education

31.7

4.6

3.0

1.9

62.9

5.5

-

-

Electricity

-

-

-

-

1.3

0.1

1.3

0.5

Financial intermediation

-

-

-

-

-

-

-

-

Fishing

-

-

-

-

-

-

-

-

Health

2.4

0.3

2.4

1.5

22.3

2.0

8.9

3.2

Housing

101.4

14.8

16.8

10.5

74.9

6.6

12.2

4.4

Land servicing

144.8

21.2

-

-

442.9

38.9

2.2

0.8

Manufacturing

92.5

13.6

6.6

4.1

130.7

11.5

16.5

5.9

Mining & quarrying

5.3

0.8

-

-

-

-

-

-

Telecommunications

-

-

-

-

-

-

-

-

Tourism & hospitality

93.0

13.7

13.0

8.1

5.5

0.5

5.5

2.0

Transport & logistics

8.7

1.3

3.3

2.1

57.8

5.0

3.8

1.4

-

-

-

-

-

-

-

-

Water
Wholesale & retail trade
Grand total

5.3

0.8

4.5

2.8

33.1

2.9

8.4

3.0

682.1

100.0

160.3

100.0

1,137.8

100.0

279.3

100.0

12

Tourism & hospitality
N$5.5 m (0.5%)
Transport & logistics
N$57.8 m (5.1%)
Wholesale & retail trade
N$33.1 m (2.9%)
Commercial property
N$2.2 m (0.2%)
Business services
N$177.0 m (15.6%)

Manufacturing
N$130.7 m (11.5%)

Construction
N$127.2 m (11.2%)
Education
N$62.9 m (5.5%)

Land servicing
N$442.9 m (38.9%)

Electricity
N$1.3 m (0.1%)
Health
N$22.3 m (2.0%)
Housing
N$74.9 m (6.6%)

NDP5 sector approvals

Manufacturing
N$130.7 m (67.4%)

Transport & logistics
N$57.8 m (29.8%)
Tourism & hospitality
N$5.5 m (2.8%)

Land servicing
DBN’s finance for land servicing and housing development
benefits municipalities and town councils who facechallenges that constrain their ability to develop and maintaininfrastructure. These municipalities and town councils also face
increasing urbanization with limited options to collect revenue.
Financing that matches private business to local government
projects, such as DBN’s PPPs lending facility, makes it possible

for local authorities to enhance service delivery, advancing both
local and national goals.

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4.5
5

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A total amount of 228.8 hectares was serviced in the//Kharas, Khomas, and Zambezi regions, comprising of 5,028
single residential, 6 general residential, 4 non-residential and 2
institutional erven.

Ongos Valley Development
Ongos Valley Development is a newly established large
enterprise which is developing a township located on Farm
Ongos 15-20 km from Windhoek. The development will bedone in several phases. DBN approved N$400 million to
install bulk infrastructure for the township, creating space
to act as catalyst for private sector development.
Other financial institutions will also extend finance forthe construction of top structures (houses, etc.). The
first phase will see a development of 4,457 housing units
and creation of 7,000 new jobs. Ongos supports muchneeded infrastructure development, creates substantial
employment, and will use local skills. This positively impacts
socio economic development, and stands to stimulate othereconomic activities in the area.

13

Key land servicing approvals
Description.

Ha.

42.5 ha (531 single residential plots, 6 general residential, 4 business and 2 institutional) at Katima Mulilo

42.5

Servicing of 176 ha, 4457 housing units over 5 years at Farm Ongos on the outskirts of Windhoek

176.0

Servicing of 10.253 ha (40 plots) at Kroneline Keetmanshoop

10.3

Total

228.8

Erven specification
Description.

.

Single Residential

Erven
5,028

General Residential

6

Non-residential

4

Institutional

2

Total

5,040

N$1.034 billion for land servicing in the last ten years, servicing
a total of 939.22 hectares, and providing 8,820 erven, while
creating 7,175 permanent jobs and 1,687 temporary jobs.

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In addition to the loan amount approved for Ongos (seeprevious page), DBN also disbursed N$159 million for land
servicing. This amount was for projects that were approved in
the preceding years. In total, the DBN has approved a total of

Otweya Land Developers
Otweya is a large, newly established land development
company, based in Windhoek. The business is 100% PDN
owned. Otweya was involved in a Public Partnership
Agreement (PPP) with the City of Windhoek (CoW) thatwill see provision of bulk services for residential, general
residential, business erven and institutional erven on 45-ha.
There will be 231 erven for residential units with 27ha forcommercial use. This development will be in Rocky Crest,
Extension 4, within the Windhoek municipal area.
Finance was approved by the DBN for this project, toconstruct the bulk services The development ultimately
targets the delivery of land to the low and middle income
segments of Windhoek. A total of 99 new temporary jobs
will be created. The development will only use local skills.

Housing
Housing projects contribute to infrastructure development for
town councils and municipalities and also to improved quality oflife. More value is also created along the housing infrastructure

chain. In 2019/20 N$74.9 million was approved for the housing
sector, supporting five notable projects. Approved financesupports development of 385 houses and 31 residential units.

Key housing approvals
Description.

N$ mConstruction of 285 units

57.75

Construct 2 town houses Erf size 390 m2

1.15

Construction of 10 double-storey sectional titles Erf size 1114 square meters

5.00

Develop 5 sectional titles measuring 60m2 (Total erf size 857.02m2)

1.04

14 flats in a quiet and natural surrounding erf size 4,827 m2 block D Rehoboth

5.00

Development of 10 single storey free standing houses at Osona Village.

5.00

Total

74.94

14

Housing specification
Description.

No.

Houses

385
31

Total

416

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Town houses

Rossmund Golf Course
Rossmund Golf Course is an old-established large
enterprise, involved in a property development outside
Swakopmund, in the Erongo Region. It consists of a golfcourse, lodge and residential estate. Rossmund is anexisting residential area, first established 2003. Long-termplanning for commercial use includes a small clinic, fitness
center and grocery store. DBN extended finance for water
reticulation, sewer reticulation, roads construction, andelectrical reticulation. The serviced land was divided into 56
plots, ranging between 500 and 1,000 square metres.
Rossmund Golf Course had 36 permanent employees and
35 temporary employees. DBN finance, which is limited toland servicing only, will facilitate creation of 37 more newjobs, of which five are permanent jobs while 32 will betemporary. More jobs are expected to be created after theland servicing phase, once the construction of houses andhouses by home buyers has started.This project is expected
to boost economic activities for Swakopmund.

Tourism & hospitality
Tourism and hospitality businesses, in line with the country’s
development plans, have received approvals of N$760.1 million,
since the Bank’s inception. These were mainly accommodation
establishments. In 2019/20, DBN approved four loans, amounting

N$5.5 million, to benefit projects, mainly SME businesses, anamount significantly lower when compared to N$93.0 million
in the previous year.

Transport & logistics
The transport and logistics sector is vital for economic growthand socio-economic development, as stated in NDP5. DBN
supports the sector as it is an integral part of most of economic

activities. In 2019/20, the Bank approved loans to the sector of
N$57.8 million

Electricity
DBN has established itself as a notable player in financing
for electricity generation and infrastructure for distribution.
In 2019/20 the Bank only approved N$1.3 million for theelectricity sector. However, to date, the Bank has approved
N$1,426.1 million for the electricity industry.

Manufacturing
A competitive manufacturing sector is central to socioeconomic transformation and poverty reduction. The
manufacturing sector should ideally be the foundation forindustrialisation. However, in Namibia, this sector plays a limited
role in job creation, ranking behind, agriculture and forestry,
fishing, accommodation & food services activities, wholesale andretail trade, education and the construction sectors. Although
the manufacturing sector is one of the largest contributors
to GDP (12.5% in 2018), the contribution is still far from the
NDP5 target for manufacturing and non-government services
contribution to GDP of 60%.

Since it is one of the key sectors in NDP5, DBN’s financing
strategy also supports manufacturing. DBN approved loans to
25 manufacturing enterprises in 2019/20, with a total approvalvalue of N$130.7 million. Economic activities include finance fora plastic recycling manufacturing plant, a plant to manufacture
gypsum products, and other manufacturing activities on smallerscales, including metal fabrication.These manufacturing activities
have the potential to create value chains of production and to
replace imports.

15

Key manufacturing approvals
Description
Setting up a new plastic recycling manufacturing plant and to buy equipment
Equipment to manufacture gypsum related products

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Crafted metal fabrication in Namibia (Car accessories, trailers, steel works, agricultural and construction equipment, advertising boards and othermetal or steel products

Namibia Gypsum
Namibia Gypsum is a privately owned, newly established,large sized start-up. It is setting up a manufacturing plantin Arandis, in the Erongo Region. It manufactures products
such as gypsum boards, ceiling tiles and cornice strips.This is
the first manufacturing plant for these products in Namibia.
They were all previously imported from South Africa andChina. The business promoters were involved in the importand distribution of the manufactured products prior to theestablishment of the plant. The business supplies the local
wholesale and retail industry and feeds into the constructionindustry throughout Namibia. The construction industry is
critical to the country’s socio economic development.
DBN finance for this manufacturing plant will see thefacilitation of 149 new permanent employment opportunities
and an additional 30 temporary jobs. The operations of
this business may also potentially facilitate export of the
products to other SADC countries and improving thecountry’s trade balance. The key input for producing theseproduct, namely the gypsum, is locally sourced. Namibia isendowed with large deposits of gypsum of excellent quality.

Infrastructure development
Infrastructure is crucial for socio-economic transformation
purposes. There is a notable infrastructure deficit across thecountry.Thus, there is a need to close this gap, a step which will
accelerate economic development, and in turn drive progressand stimulate economic growth and increase GDP per capita.

infrastructure financed consisted of land servicing and housingdevelopment.
DBN has created notable value through infrastructure financing,in particular finance PPP arrangements, and thus linking private
businesses with the local authorities to amplify the value ofdevelopment impact created. For land servicing and housingdevelopment projects, the Bank’s development impact enhances
both social and economic development

53.1%, or N$603.9 million, of the total approvals in 2019/20
were for infrastructure development purposes. The amounts
approved were significantly more when compared to
the N$367.7 million approved in the previous year. Key

Tourism infrastructure
N$3.9 m (0.7%)

Social infrastructure
N$131.4 m (21.8%)

Land servicing
N$442.9 m (73.3%)

16

Commercial infrastructure
N$25.4 m (4.3%)

Infrastructure approvals
2018/192019/20

Infrastructure

N$m% of total

N$m% of total

Commercial infrastructure

87.0

23.7

25.4

4.3

Commercial buildings

7.1

1.9

2.2

0.4

Industrial buildings

64.9

17.7

8.2

1.4

Service stations

15.0

4.1

15.0

2.5

129.8

35.3

442.9

73.3

Bulk infrastructure

129.8

35.3

442.9

73.3

Social infrastructure

121.4

33.0

131.4

21.8

Land servicing

Education

26.7

7.3

56.5

9.4

Housing

94.7

25.7

74.9

12.4

29.5

8.0

3.9

0.7

Tourism infrastructure
New hotels

-

-

-

-

New lodges

-

-

-

-

5.0

1.3

-

-

New bed and breakfasts
New guest houses
Upgrading and additions to tourism establishments
Grand Total

During the 2019 and 2020 periods, no approvals were madefor new healthcare facilities (social infrastructure) and hotels,lodges, rest camps and restaurants (tourism infrastructure).
In the same periods, no finance was approved in the overall

-

-

3.9

0.7

24.5

6.7

-

-

367.7

100.0

603.6

100.0

categories for local government buildings, state-owned
enterprise infrastructure, transport and logistics infrastructure
and ultility infrastructure

Employment creation
Financing projects that can potentially create jobs is key for
DBN as this is important in the alleviation of unemployment.
Although some of these projects may not create many direct
jobs, they may have the potential to unlock downstream
economic activity and increase competitiveness with investment

in more labour-intensive downstream businesses that create
jobs. The Bank’s finance during 2019/20 facilitated creation of
8,130 jobs. 86% of those jobs are envisaged to be created inland servicing and housing projects.

Employment 2019/20
10,0002020 total new jobs (incl. SMEs)

8,000

2020 new jobs: SMEs

6,000

2020 total temporary jobs (incl. SMEs)

4,000

2020 temporary jobs: SMEs

2,000
0

17

8,130
645
1,693
928

2020 total job impact

11,6092020 total job impact: SMEs only

1,573

Impact
2,821

Impact910

Impact4,129

Impact7,015

Impact5,551

Impact5,007

Impact8,052

Impact7,689

Impact7,871

Impact11,115

Impact9,783

Impact5,725

Impact6,227

Impact3,725

Impact11,609

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015
/ 16

2016
/ 17

2017
/ 18

2018
/ 19

2019
/ 20

Approvals
N$110.7 m

Approvals
N$118.6 m

Approvals
N$314.3 m

Approvals
N$467.8 m

Approvals
N$427.5 m

Approvals
N$365.2 m

Approvals
N$616.7 m

Approvals
N$519.1 m

Approvals
N$840.1 m

Approvals
N$1,609.0 m

Approvals
N$1,798.8 m

Approvals
N$4,425.8 m

Approvals
N$2,516.1 m

Approvals
N$682.1 m

Projected employment impact since inception

10,000
8,000
6,000
4,000

0

Cumulative new jobs

32,186

Cumulative temporary jobs

33,972

Cumulative retained jobs

31,071

Cumulative total job impact

97,229Cumulative total approvals

N$15,949.4 m

Approvals
N$1,137.8 m

2,000

Job creation by sector
2018/19
SME jobs

2018/19
Total jobs

Permanent

Temporary

Business services

46

Commercial property

33

Construction

2019/20
SME jobs

2019/20
Total jobs

Permanent

Temporary

Permanent

Temporary

Permanent

Temporary

109

52

118

221

158

231

168

35

117

115

5

45

5

45

164

469

212

799

188

375

215

623

Education

10

-

21

72

12

0

111

80

Electricity

-

-

-

-

-

-

-

20

Financial intermediation

-

-

-

-

-

-

-

-

Sector

Health

7

7

7

7

26

24

33

24

Housing

11

122

103

248

40

115

65

315

Land servicing

-

-

42

355

8

68

7,008 *

68

Manufacturing

27

13

92

15

72

55

222

255

Mining & quarrying

-

-

-

20

-

-

Tourism & hospitality

18

23

152

68

21

39

21

39

Transport & logistics

3

2

7

2

3

1

63

1

-

-

Water

-

-

-

-

-

-

Wholesale & retail trade

32

12

43

12

49

48

156

55

Grand total

351

792

848

1,831

645

928

8,130

1,693

* Ongos housing project. Jobs expected to last for 3 years.

18-

Support for women and youth entrepreneurs
To enhance socio-economic development reduce inequalities
and enhance access to finance, Bank finance is aimed at start-ups
and scaling up existing businesses of previously disadvantaged

Namibians (PDNs). 84.3% of N$959.3 million of loans approved
benefits PDNs. The loan amount is higher when compared to
the N$483.5 million approved in the previous year.
2018/192019/20

Transformation (private sector)

N$m

N$m

Total effective PDN

483.5

959.3

Effective F-PDN

104.3

121.5

Effective youth

94.5

149.4

Women entrepreneurs
The Bank directs a portion of finance to women led businesses.
This maximises the contribution to socio-economic development, bringing about gender equality, promoting empowerment,
reducing poverty, narrowing gender gaps in access to economic
assets and resources, and strengthening women’s resilience toeconomic shocks and other setbacks. To date, the Bank has ap-

proved N$1,887.1 million towards women. In 2019/20, a totalof N$121.5 million, or 10.7% benefited women. These were allbusiness with at least 25% women ownership. The amount of
the 2019/20 loan approvals for women was higher than the
N$104.3 million approved in 2018/19.

Approvals to women by sector
Effective women

2018/192019/20

2018/19N$ m

2019/20
N$ m

Business Services

9

21

5.4

31.3

Commercial property

2

0

5.6

0

Construction

16

12

8.9

8.6

Education

5

2

30.4

39.5

Electricity

0

1

0

1.3

Health

0

4

0

6.4

Housing

1

1

6.3

3.8

Land servicing

2

1

8.9

20.4

Manufacturing

4

6

1.9

3.0

Tourism & hospitality

8

1

34.3

2.0

Transport & logistics

1

0

1.9

0

Water

0

0

0

0

Wholesale & retail trade

2

7

0.6

5.4

Grand total

50

56

104.2

121.7

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Number of approvals

Shililifa Property Development
Shililifa is an existing, large property development company
in Windhoek. It is 100% owned by PDNs, and 50% owned
by a woman. The disbursement in 2019/20 supported
construction of 34 sectional title units for low and middle
income individuals. Housing, especially among low andultra-low income earners, is a challenge. Finance forresidential property development in Katutura is of strategic
importance. The business employs 18 people and created afurther 70 temporary jobs during construction.

19

Approvals to women by region
Approvals were spread across most regions, except for Kunene
and Omaheke, with the largest approvals for Oshana (N$35.8
million or 29.4%) and Zambezi (N$21.5 million or 17.7%).
Business activities included education, land servicing of 42.5 ha,

as well as business services. Loans approved to women owned
businesses in 2019/20 facilitated the creation of total of 563
jobs, of which 291 jobs were permanent jobs.

Job creation by women entrepreneurs
No. approvals

Permanent jobs

2018/192019/20

SMEs

41

Large enterprises

10Grand total

51

Retained jobs

2018/192019/20

2018/19

46

90

114

11

162

177

57

252

291

Temporary jobs

2019/20

2018/192019/20

175

57

117

135

149

187

307

110

324

244

424

245

Youth entrepreneurs
Persistently high levels of youth unemployment and undesirable
levels of poverty and income inequality have made it imperative
for the Bank to consider initiatives to enhance inclusive growth.

N$149.4 million was approved for youth led business. Thisbrought the total amount lent to youth led business since 2010
to N$1,101.8 million, or 7.6% of total loan approvals.

Approvals to youth by sector
Number of approvals

Effective Youth2018/192019/20

2018/19 - N$ m

2019/20 - N$ m

Business Services

15

50

17.3

87.0

Construction

41

20

36.4

19.4

Education

0

2

0

23.4

Health

0

3

0

5.9

Housing

2

1

14.5

1.2

Manufacturing

3

7

1.6

3.5

Tourism & hospitality

8

1

19.1

0.6

Transport & logistics

2

2

3.0

5.4

Wholesale & retail trade

1

4

2.7

3.1

Grand total

72

90

94.6

149.5

Approvals to youth by region
Youth loans were spread across all the regions, except for
Kunene, Omaheke, and Zambezi, with most loans benefiting//Kharas region (N$53.9 million or 38.1%) and Oshana region(N$26.4 million or 17.7%). The most notable business activities
were construction tenders. Loans approved facilitated creationof 563 jobs, of which 291 jobs were permanent jobs.

Job creation by youth entrepreneurs
No. approvals

Permanent jobs

Retained jobs

Temporary jobs

2018/192019/20

2018/192019/20

2018/192019/20

2018/192019/20

SMEs

62

84

155

193

168

205

343

544

Large enterprises

12

11

84

15

65

20

68

55

Grand total

74

95

239

208

233

225

411

599

20

Skills-based lending facility for youth
Background

Facility differentiation

Entrepreneurship is a sustainable and empowering responseto the persistent challenge of youth unemployment andunderemployment. If not addressed it risks leaving behind ageneration, and reducing future standards of living throughmissed economic, social and personal opportunities. To
increase youth entrepreneurship development, support youth
entry into the economy, enhance employment, and socioeconomic development, DBN introduced a targeted lending
product, the Skills-based lending facility. This facility supports
start-ups and existing businesses.

1.
2.
3.

4.
5.
6.

Expanding opportunities is critical to sustainable growth anddevelopment.The facility prioritises service and value additionindustries. It benefits professionals and artisans, but gives preference to artisans. The funds will mainly be used for equipment, tools, movable assets, and working capital.

It is targeted at youth entrepreneurs.
No or minimal collateral. In events where DBN will require collateral, the proportion will be minimal.
Skilled youth with viable business plans will qualify even if
they don’t have capital to contribute. If DBN will requirethat the youth entrepreneur contribute some capital, theequity contribution will be minimal.
The loan amount is as low as N$50,000, lower than theminimum of N$150,000 usually required.
Pricing. Interest rate on this facility is caped at prime rate.
Mentoring and coaching will be required.

Key facility requirements
1.
2.
3.
4.

Motivation
Generally, youth entrepreneurs have great difficulty in gaining
access to traditional sources of financing:
1. They tend to have little management experience; and2. They have few or no assets that can be used as collateral
and/or owners’ equity.

5.
6.
7.

Therefore, access to finance for youth entrepreneurs tends
to be a challenge and hindrance to their progress, despite themodest amounts of funds that many require.

8.

DBN sees significant development impacts in providing youth
finance to start or grow businesses. Unlocking capital foryouth entrepreneurs will have a multiplier effect in the economy. Supporting youth initiatives also contribute to employment creation and SME-driven economic growth.

9.

Youth entrepreneurs with viable business propositions.
Youth under the age of 35 years.
The business must be incorporated in Namibia
The enterprise must be managed by the owner on a fulltime basis
All members, partners or shareholders must be Namibian citizens
All the members, partners or shareholders must be under the age of 35 at the time of the loan application.
The business promoters must have at least an NQF3.
NTA’s recognition of prior learning (RPL) may also be
consideredBusiness activities must be in line with the field of qualification of the promoter(s)Mentoring and coaching. Pre-lending coaching of the borrower will be a pre-requisite prior to disbursement.

The strict requirements mitigate risks and manage sustainability.

Skills-based lending facility for youth: pilot study
declined, while the rest were at other stages of consideration.
Reasons for declined applications included lack of market,
financial viability, and promoters’ qualification not being in linewith the proposal. Approved projects involved activities suchas a pharmacy, business services, electrical works, engineering
services, manufacturing, and plumbing services.

Background

The facility was approved in December 2019, and was
immediately piloted. A total of N$21 million was budgeted.
As most applications were received after mid-January 2020,
this analysis took into consideration all applications up to thetime of writing. i.e. post the end of the 2019/20 financial year.

Regions

As of mid-June 2020, a total of 59 applications were received
From nine of fourteen regions. Eighteen, were received fromthe Khomas, followed by Oshana region with fifteen and theErongo with eleven applications.
Regions

No.

Approved

Erongo112Hardap1-

Kavango East

3

1

Kavango West2-

Khomas18

2

Ohangwena

4-

Omusati3-

Oshana15

2

Oshikoto

2

-

Total

59

7

No.

Approved

Level 3 – Diploma in Electrical1

Level 3 Electrical Engineering

1

Level 3, Fitter & Turner

1

Level 3, Plumber & Fitter

1

Level 3, Welding

1

Level 6, Electrical Engineering

1

Level 9 - Masters in Medicine Delivery

1

Total

7

Approved projects are projected to facilitate a creation of
42 new permanent jobs, as well as 31 temporary jobs, and toretain 4 jobs.
Permanent jobs
45

Of 59 applications, 7 were approved, while 17 are still under due
diligence at the time of writing. Twenty-four applications were21

Retained jobs

Temporary jobs

431

Economic decentralization and regional economic development
There are disparities in terms of economic activities taking
place across the regions. By expanding its footprint acrossthe country, the Bank addresses the country’s development
imperatives. This also accelerates development and addresses
poverty, inequality and unemployment. The Bank’s financefavours projects, and initiatives in regions with less economic
activities. The Bank’s loan approvals in 2019/20 impacted

businesses in all 14 regions. A larger portion of approvals,
41.9% (N$476.7 million) benefited businesses in Khomas
region. In some instances, projects funded by the Bank impacted
more than one region. These loans are classified as benefitting“national”. In 2019/20 16.3%, or N$185.4 million, of the totalloan approvals impacted projects that have impact in two or
more regions.
Ohangwena
N$12.0 m (1.1%)
N$8.2 m (2.9%)

Oshana
N$138.3 m (12.2%)
N$15.9 m (5.7%)

Oshikoto
N$7.9 m (0.7%)
N$7.9 m (2.8%)
Kavango West
N$17.0 m (1.5%)
N$11.0 m (3.9%)

Omusati
N$7.4 m (0.6%)
N$7.4 m (2.6%)

Zambezi
N$51.0 m (4.5%)
N$5.4m (1.9%)
Kavango East
N$9.7 m (0.9%)
N$5.7 m (2.0%)
Otjozondjupa
N$19.3 m (1.7%)
N$6.8 m (2.4%)

Kunene
N$6.9 m (0.6%)
N$6.9 m (2.5%)
ErongoN$110.8 m (9.7%)
N$33.9 m (12.1%)
Khomas
N$476.7 m (41.9%)
N$45.4 m (16.3%)

OmahekeN$3.7 m (0.3%)
N$3.7 m (1.3%)

HardapN$11.6 m (1.0%)
N$11.6 m (4.2%)

National
N$185.4 m (16.3%)
N$30.7 m (11.0%)//KarasN$80.0 m (7.02%)
N$78.8 m (28.2%)

All approvals (incl. SMEs)
SME approvals only

2018/2019 (incl. SMEs)

2018/2019 SMEs only

2019/20 (incl. SMEs)

2019/20 SMEs only

Since inception

Region(s)N$m% of total

N$m% of total

N$m% of total

N$m% of total

N$m% of total

Erongo

66.9

9.9

10.0

6.2

110.8

9.7

33.9

12.1

5,971.2

37.4

Hardap

15.0

2.2

0.0

0.0

11.6

1.0

11.6

4.2

164.5

1.0

//Karas

35.0

5.2

9.8

6.1

80.0

7.0

78.8

28.2

945.7

6.0

Kavango East

3.3

0.5

3.3

2.0

9.8

0.9

5.7

2.0

236.8

1.5

Kavango West

5.0

0.7

5.0

3.1

17.0

1.5

11.0

3.9

45.7

0.3

219.8

32.2

34.3

21.4

476.7

41.9

45.4

16.3

2,930.6

18.4

Kunene

2.0

0.3

2.0

1.2

6.9

0.6

6.9

2.5

134.7

0.8

National

60.3

8.9

39.3

24.5

185.4

16.3

30.7

11.0

2,397.6

15.0

Ohangwena

6.2

0.6

6.2

3.9

12.0

1.1

8.2

2.9

170.4

1.1

Omaheke

85.1

12.5

0.2

0.1

3.7

0.3

3.7

1.3

332.0

2.1

Omusati

59.1

8.7

6.3

3.9

7.4

0.6

7.4

2.6

494.4

3.1

Oshana

51.1

7.5

22.1

13.8

138.3

12.2

15.9

5.7

767.6

4.8

Oshikoto

23.0

3.4

6.0

3.7

7.9

0.7

7.9

2.8

227.7

1.4

Otjozondjupa

15.1

2.2

9.2

5.9

19.3

1.7

6.8

2.4

866.3

5.4

Zambezi

35.2

5.2

6.6

4.2

51.0

4.5

5.4

1.9

264.2

1.7

Grand Total

682.1

100.0

160.3

100.0

1,137.8

100.0

279.3

100.0

15,949.4

100.0

Khomas22

SME finance
SMEs are particularly important for promotion of entrepreneurship and economic transformation. SME access to financeis crucial in fostering of economic growth and development,
and they are a vehicle for employment. Due to risk aversion
on the part of sources of finance, access to finance remains abarrier to growth for SMEs. DBN approved a total amount of
N$279.3 million for 318 SMEs, 24.5% of total approvals. Approvals facilitated creation of 956 new permanent jobs and1,696 temporary jobs during this period.

SME finance by sector and purpose
SME lending activities spread across several sectors, including,business services, commercial property developments, general
constructions, education, health, housing, land servicing,
manufacturing, tourism and hospitality, transport and logistics,
and wholesale and retail trade. N$150.9 million of the SME
business activities approved by the Bank in 2019/20 werebusiness services activities. These are generally contract based
projects, involving supplies and deliveries of several goods. SMEs
financing also involved contracts in the construction industry.

78.2% of all the SMEs activities funded by the bank were contract
based. This included bridging finance to build classrooms,
houses, health facilities, as well as upgrading and maintenanceof roads. It also included purchase orders to supply vehicles,
materials and other goods and services. SME financing also saw
small businesses involved in other business activities such as
manufacturing, land servicing, housing development, as well as
tourism related activities. Some of the SME activities financed
are listed below.

Illustrative SME approvals
Description

RegionN$ m

BakeryKhomas1.60

Develop 5 sectional titles houses

Otjozondjupa

1.04

Setting up a pharmacy

Omusati

1.50

Build a restaurant lounge and 20 rooms//Karas3.95

Expansion of a Mahangu milling project and to start up a butchery

Khomas0.35

Crafted metal fabrication

Khomas0.34

Paper manufacturer

Khomas0.72

Expanding a furniture manufacturing business

Khomas0.32

Expand Commercial building complex

Omusati

2.16

Manufacturing soft paper

Omusati

0.66

Setting up a pharmacy

Khomas1.00

Restaurant

Khomas0.25

Construction of temporary structures to be used as office block and office space

Kavango East

1.30

Trailer manufacturing

Khomas0.75

Sanitary pads manufacturers

Khomas1.50

Manufacture chemicals, pest control and cleaning services

Erongo0.77

14 flats

Hardap5.00Servicing of 10,253 ha (40 plots) at Kroneline Keetmanshoop//Karas2.20

Tender to supply and deliver charcoal products

Omaheke

1.00

Khomas0.80

Hardap

0.55

CT SC
PA

RE

3.34
5

O

IM

Restaurant & take away
Expand existing restaurant

Su-Zan’s Trading Enterprise
Su-Zan’s is an existing manufacturing SME business basedin Lüderitz. It is 100% owned by a woman, and employs
two people. The business is involved in clothing retail andmanufacturing. It manufactures a variety of clothing lines
including school uniforms, safety wear for fishing, tourism,
mining and the Government, as well as corporate wear
and other clothing items as demanded. The business usedfinance to expand and increase its manufacturing output.
The loan will be used to acquire machinery and buy stock.

23Rural urban split
N$1,078.7 million benefitted projects in urban areas (94.8%),
N$34.4 million benefited 46 projects in rural areas (3.0%) andN$24.7 million benefited projects in both urban and rural
areas (2.2%). Rural area projects are projected to create 138
permanent jobs and 236 temporary jobs. A notable proportion(88.2%) of the SMEs businesses are located in urban areas, with
only 8.5% of loans benefiting business in rural areas.
2018/2019 (incl. SMEs)

Additional support for enterprises in unproclaimed areas provides an opportunity to draw more entrepreneurs into theeconomy. Financing in rural areas improves demand conditionsin these areas, paving the way for future investment sand fundingby other financial institutions. In turn, this supports transformation of communities, improve livelihoods, and makes strides in
economic growth and poverty reduction.

2018/2019 SMEs only

2019/20 (incl. SMEs)

2019/20 SMEs only

Region(s)N$m% of total

N$m% of total

N$m% of total

N$m% of total

Rural

139.4

20.4

19.5

12.2

34.4

3.0

23.6

8.5

Urban

492.3

72.2

90.4

56.4

1,078.7

94.8

246.3

88.1

Mixed

50.4

7.4

50.4

31.4

24.7

2.2

9.4

3.4

Total

682.1

100.0

160.3

100.0

1,137.8

100.0

279.3

100.0

Rural urban split
Rural
N$34.4 m (3.0%)
Mixed
N$24.7 m (2.2%)
Urban
N$1,078.7 m (94.8%)

Illustrative rural approvals
RegionN$ m

Operate a retail store

Kunene0.15

Operate a wholesale store

Otjozondjupa

0.32

Expand commercial building complex

Omusati

2.16

Build a service station

Ohangwena

1.90

Operate a retail store

Omusati & Kavango West

0.75

CT SC
PA

RE

2.45
5

O

IM

Description

Big Dog Resources Trading
Big Dog is a start-up, SME mineral blasting and drillingcompany, carrying out work in Uis. It is 80% owned by awoman, and employs two. It obtained an 18-month contractfrom Uis Tin Mining Company, known as AfriTin, for blast
hole drilling in waste rock material and ore material fromthe open pit. AfriTin will pilot a processing plant, to process
approximately 500,000 tpa producing approximately 60
tons of tin concentrate per month.Thereafter, AfriTin plans
for a 3 Mtpa processing plant.
Uis was once the world’s largest hard rock tin mine, but
significant mining activities came to an end almost three
decades ago. The Uis community is sustained by small scale
mining and tourism activities. The investment by AfriTin
Mining will not only revive the mining operations, but it
will increase economic activities of Uis, and Erongo Region,
increasing economic development in poorer areas.

24Environmental and social management
During 2019/20, projects valued at N$5.8 billion were
inspected and assessed for compliance against their submitted
Environmental and Social Management Plans as well as theEnvironmental Management Act and the Labour Act.
No active loans were terminated due to non-compliance.

Inspected by DBN
Facilities such as the Uis Tin Mine processing plant have substantial environmental and health risks,and so are inspected by DBN to ensure compliance with environmental and social regulations.

25

Environmental and social risk management
The Development Bank of Namibia is committed to ensure that
the Environmental Management Act No 7 of 2007 (“EMA”) and
its Regulations as well as the Labour Act No 11 of 2007 (“LA”)
and its Regulations for the health and safety of employees atwork are complied with by funded businesses.

The risks are identified, managed, monitored and controlled toproactively embed E&S risk management into lending processes
and minimize the risk of reputational or financial loss.
The figure below shows the categorization of 296 applications
received for E&S screening during the 2019/2020 financial year

Assessment
All projects applying for finance are screened for environmental,
occupational health & safety and social (E&S) risks.

E&S Risk categorization of applications assessed during 2019/2020
Low risk
N$18 m (6%)

Moderate risk
N$49 m (17%)

High risk
N$229 m (77%)

Monitoring and Evaluation
Monitoring and evaluation of occupational health, safety,
environmental and social performance businesses financed by
DBN is done by conducting site visit inspections and meetingwith clients for compliance to the submitted Environmental
and Social Management Plan/Environmental Management Plan
(ESMP/EMP).
Compliance to ESMP/EMP and Namibian Laws are captured
as covenants in Loan Agreements, signed at loan approval, andfailure to abide by these can result in breach of contract. During
2019/20, projects valued at N$5.8 billion were inspected andassessed for compliance against their submitted Environmental
and Social Management Plans as well as the Environmental
Management Act and the Labour Act.
Findings of inspection and assessments are reported back tothe business owners, Board Audit, Risk & Compliance andfinanciers.

Total value of funded projects vs ESM site visits performed at 31 December 2019
2019
N$m

% of total

Total value of loan book

9,560

100.0%

Value of excluded clients from total loan book(2,024)(21.2%)

Total value of funded projects eligible for ESM site visits & inspections

7,536

78.8%

Value of actual projects visited & inspected

5,881

78.0%

Eligible clients

100%

Projects not visited and inspected
Actual projects visited and inspected

22%
78%
0%

20%

40%

All relevant transactions are monitored to ensure that the
E&S commitments (stipulated in the Environmental and Social
Management Plan and set as part of the loan agreement) are
adhered to.

60%

80%

100%

monitoring depend on the type of transaction being financed
and the level of risk perceived.
In cases where clients do not comply with environmental andsocial risk requirements, DBN works together with clients toachieve the necessary standards.

The Environmental and Social Officers monitor the
implementation and progress of remedial action for the actionof the tenure of the loan. The frequency and duration of theDuring 2019/20, no active loans were terminated due to noncompliance.

26

ESM site visits per sector
Electricity: NS329.0 m (5.6%)
Construction: NS162.4 m (2.8%)
Business services: NS2.9 m (0.1%)
Wholesale & retail trade: NS72.8 m (1.2%)

Fishing: NS409.6 m (7.0%)
Housing: NS388.3 m (6.6%)
Land servicing: NS72.8 m (1.2%)
Manufacturing: NS2.9 m (0.1%)
Mining & quarrying: NS162.4 m (2.8%)
Tourism & hospitality: NS409.6 m (7.0%)

Water: NS388.3 m (6.6%)

Transport & logistics: N$3,948.5 m (67.1%)

2019
N$m

% of total

2.9

0.1

Construction

162.4

2.8

Electricity

329.0

5.6

Fishing

5.7

0.1

Housing

93.9

1.6

Land Servicing

219.7

3.7

Manufacturing

243.4

4.1

5.0

0.1

Business services

Mining and Quarrying
Tourism & Hospitality

409.6

7.0

Transport & Logistics

3,948.5

67.1

388.3

6.6

Water
Wholesale and Retail trade
Total

27

72.8

1.2

5,881.2

100.0

Environmental and social case study:
Miiyelo Investments
Miiyelo is in the business of sales of new tyres, wheel balancing, tow-in
services and it operates a car wash.

Employment typeNo.

Permanent

8

The business was in operation for three years in Orwetoveni inOtjiwarongo but decided to move to central Otjiwarongo to attract
more business. It obtained DBN finance to purchase equipment,
inventory and for rental payment at start-up.

Temporary

-

Total

8

This is a project with low environmental and social risks as it is aservices enterprise with low site-specific impacts.

Male

7

Female1

Operations comply and adhere to the commitments made in thesubmitted Environmental and Social Management Plan (ESMP).
No major findings on non-conformances were noted during site
inspections.

Total

8

Electricity:
3,525.6 KWWater:
200 litres

D
Diesel:2,040 litresP
Petrol:-Employees covered by collective bargaining
agreements-

Training and development
Amount spent

10
N$5,000

Employee benefits

No.

-

Hierarchical gender

M

F

Senior management-1

Middle and juniormanagement--

White and blue collar

7

-

Total

7

1

Age group

Labour relations

Average days / employee

Gender

No.

<=25

4

>25 <= 302>30 and =<351

>35 and =<40

1>40 and =<45-

>45 and =<50-

>50 and =<55-

>55 and =<60

-

>60

-

Total

8

Education

No.

Master’s and higher-

Share and stock options-

Bachelor’s degree-

Pension fund-Secondary5

Medical aid-

Primary

3

Governance
HR Policies in place2

Corporate governance policies-

Women in management

1

28

None

-

Total

8

Environmental and social case study:
Erongo RED
Erongo RED distributes electricity to all local authorities in Erongo. In
2013 Erongo Red began to upgrade distribution infrastructure startingwith Walvis Bay and Swakopmund, using DBN finance. Phase 1 entailed
upgrading the main power lines feeding Walvis Bay and local municipal
infrastructure. Phase 2 consists of upgrades for several townshipestablishments and the Waterfront development in Swakopmund.

No.

Permanent

309

Temporary5

Total
GenderThis is a high risk environmental and social project.
The company implemented works by complying and adhering to
the commitments made in the submitted Environmental and Social
Management Plan (ESMP) and in line with the Environmental Clearance
Certificate (ECC) conditions. No major findings on non-conformance
were noted during site inspections.

Electricity:
2.199,844 KW

Employment type

Water:-

P

Diesel:-Petrol:
-

No.

-

Male

184

Female

130

Total

314

Hierarchical gender

M

F

Senior management

91Middle and juniormanagement

21

21

White and blue collar

155

107

Total

185

129

Age group

D

314

No.

<=25

2

>25 <= 3034>30 and =<3564

>35 and =<40

79

>35 and =<40

56

Labour relations>45 and =<50

35

Employees covered by collective bargaining
agreements>50 and =<55

23

>55 and =<60

15

260

Training and development

>60

6

Total

314

Employee benefits

Education

No.

Share and stock options-

Master’s and higher

13

Pension fund

Yes

Bachelor’s degree76

Medical aid

Yes

Secondary

178

Primary

7

Average days / employee
Amount spent

14
N$3.2 mGovernance
6

None

40

Corporate governance policies

3

Total

314

Women in management

22

HR Policies in place

Female board representation

4 of 829

Environmental and social case study:
Easy United Investment Services & Paralo Investment Joint Venture
The joint venture ran a concurrent land servicing and top structure(housing) construction programme from January to October 2019
which saw the construction of 120 houses.
The majority of the 205 workers are unskilled workers drawn from the
Oshikuku area. The company also employs vocational centre students
for on the job training and upskilling on their site.
This is a high risk environmental and social project as it establisheda new township. The company implemented works by complying andadhering to the commitments made in the submitted Environmental
and Social Management Plan (ESMP) and in line with the Environmental
Clearance Certificate (ECC) conditions. No major findings on nonconformance were noted during site inspections.

Employment type20

Temporary

205

Total

225

Gender

Water:
18,000 litres

D

P

Diesel:180,000 litres

Petrol:
-

No.

-

Male

208

Female

17

Total

225

Hierarchical gender

M

F

Senior management2-

Middle and juniormanagement
Electricity:
3,000 KW

No.

Permanent

3

1White and blue collar

203

16

Total

208

17

Age group

No.

<=25

20

>25 <= 3070>30 and =<35120

>35 and =<40

15

>40 and =<45-

Labour relations>45 and =<50-

Employees covered by collective bargaining
agreements>50 and =<55-

>55 and =<60-

20

Training and development

>60

-

Total

225

Employee benefits

Education

No.

Share and stock options-

Master’s and higher

1

Pension fund-Bachelor’s degree2Medical aid

Optional

Average days / employee
Amount spent

20
N$25,000Governance

Secondary

150

Primary

40

1

None

32

Corporate governance policies

1

Total

225

Women in management-

HR Policies in place

Female board representation

No board

30

Environmental and social case study:
Trans Kalahari Group
Trans Kalahari Group is a logistics company that provides domestic
and long-haul transport of goods. Transport of copper and cobalt from
Zambia and DRC to Walvis Bay currently accounts for a significant partof its business.

Employment typeNo.

Permanent

69

Temporary-

The company used Development Bank finance to acquire trucks andtrailers, and for working capital.

Total *

69

This is a high risk environmental and social project as it entails
the transportation of mineral ores across borders. The company
implemented works by complying and adhering to the commitments
made in the submitted Environmental and Social Management Plan
(ESMP) and in line with the Environmental Clearance Certificate (ECC)
conditions. No major findings on non-conformance were noted duringsite inspections.

Male

54

Female

15

Total

69

Electricity:-

D
Diesel:12,000 litres

Water:
3,600 litresP
Petrol:-Employees covered by collective
bargaining agreements

63

Training and development
Average days / employee

24
N$322,000

Employee benefits
Share and stock options

-

No.

-

Hierarchical gender

M

F

Senior management

42Middle and juniormanagement--

White and blue collar

50

13

Total

54

15

Age group

Labour relations

Amount spent

Gender

No.

<=25

2

>25 <= 30

10>30 and =<3517

>35 and =<40

20

>40 and =<45

15

>45 and =<50

5>50 and =<55-

>55 and =<60

-

>60

-

Total

69

Education

No.

Master’s and higher-

Bachelor’s degree

4

Pension fund

Yes

Secondary6

Medical aid

Yes

Primary

59

Governance

None

-

HR Policies in place

1

Total

69

Corporate governance policies

1* Includes staff and contractors.

Women in management

2

Female board representation-31

Development Bank of Namibia
Annual Financial Statements
for the year ended 31 March 2020

32

Statement of Profit or Loss and Other Comprehensive Income
for the year ended 31 March 2020
N$

2020

2019

Interest income

945,254,359

848,404,138

Interest expense(517,023,781)(460,048,866)

Net interest income

428,230,578

388,355,272

Fee and commission income

23,353,295

28,246,751

Operating income

451,583,873

416,602,023

Other income

41,969,998

73,762,001

Fair value adjustments on loans and receivables(4,835,839)(7,430,353)

Fair value gain on cross currency swap-

32,920,590

Foreign exchange gain on loan-

6,169,410

Net impairment on loans and advances(119,349,053)(173,893,996)

Operating expenses(140,267,091)(136,446,574)

Profit before tax

229,101,888

211,683,101

Tax expense
Profit for the year
Profit for the year
Other comprehensive income, net of income tax--

229,101,888

211,683,101

229,101,888

211,683,101(10,924,625)

27,168,709-

2,754,870

Items that may be reclassified subsequently to profit or loss
Cash flow hedge: effective portion of changes in fair value on interest rate
swap - IAS39
Items that will not be reclassified subsequently to profit or loss
Revaluation gain on property(2,011,627)

7,918,078

Fair value adjustments on FVOCI equity investment financial assets – IFRS 9(8,912,998)

16,495,761

Total comprehensive income

218,177,263

238,851,810

33

Statement of Financial Position
as at 31 March 2020
N$

2020

2019

Cash and cash equivalents

601,368,773

698,977,010

Trade and other receivables

5,424,474

6,714,938

Staff home ownership scheme loans

99,116,912

84,889,580

Loans and advances to customers

Assets8,465,903,601

8,507,838,685

Equity investments

272,789,349

281,702,347

Property and equipment and right of use assets

85,551,111

84,946,577

Intangible assets

5,201,186

5,600,646

9,535,355,406

9,670,669,783

Total assets
Liabilities
Trade and other liabilities

85,586,382

27,675,865

Term loan facilities

233,000,000

233,000,000

Line of credit facility

4,048,129,370

4,050,767,808

Bonds

624,284,482

725,067,502

Fixed term facility

1,054,996,252

1,448,574,297

Credit line facility

112,757,242-

Dividends retained for redeployment

49,510,183

55,501,769

6,208,263,911

6,540,587,241

Share capital and share premium

2,007,071,178

2,007,071,178

Retained earnings

1,276,970,120

1,069,036,542

43,050,197

53,974,822

Total equity

3,327,091,495

3,130,082,542

Total liabilities and equity

9,535,355,406

9,670,669,783

Total liabilities
EquityReserves

34

Statement of Changes in Equity
for the year ended 31 March 2020

Share capital and share premium

SharecapitalSharepremium

Revaluation
reserve onland andbuildings

Balance at 1 April 2019

165,000,000

1,842,071,178

56,246,966(2,272,144)-

1,069,036,542

3,130,082,542

Total comprehensive
income for the year--

(2,011,627)(8,912,998)-

229,101,888

218,177,263

Profit for the year

-

-

-

-

-

229,101,888

229,101,888

Other comprehensive
income, net of income tax--(2,011,627)(8,912,998)--(10,924,625)

-

-

-

-

-

(21,168,310)(21,168,310)

165,000,000

1,842,071,178

54,235,339(11,185,142)-

1,276,970,120

3,327,091,495

Fair value
reserve

Cash flow
hedge
reserve

Retainedearnings

Total

N$

Dividend paid
Balance at
31 March 2020

Fair value
reserve

Cash flow
hedge
reserve

Retainedearnings

Total

Share capital and share premium

SharecapitalSharepremium

Revaluation
reserve onland andbuildings

165,000,000

1,842,071,178

48,328,888(18,767,905)(2,754,870)

1,215,684,783

3,249,562,074

Changes on initial applicationof IFRS 9

-

-

-

-

-

(349,551,858)(349,551,858)

Re-stated balance at 1 April
2018

866,132,925

2,900,010,216

N$
Balance at 1 April 2018

165,000,000

1,842,071,178

48,328,888(18,767,905)(2,754,870)

Total comprehensive
income for the year--

7,918,078

16,495,761

2,754,870

211,683,101

238,851,810

Profit for the year

-

-

-

-

-

211,683,101

211,683,101

Other comprehensive
income, net of income tax--

7,918,078

16,495,761

2,754,870-

27,168,709

Transfer to dividend
retained for redeployment

-

-

-

-

-

(8,779,484)(8,779,484)

165,000,000

1,842,071,178

56,246,966(2,272,144)-

1,069,036,542

3,130,082,542

Balanceat 31 March 201935

Cash Flow Statement

for the year ended 31 March 2020
N$

2020

2019

Cash flows utilised in operating activities
Cash receipts from customers

1,046,680,310

882,957,616

Cash paid to suppliers, lenders and employees(654,347,384)(565,451,915)

Cash flows from operating activities

392,332,926

317,505,701

Government grants received-

60,000,000

Payments from special funds(5,991,586)(1,601,336)

Increase in loans and advance(130,762,369)(1,307,101,708)

Net cash utilised in operating activities

255,578,971(931,197,343)

Cash flows utilised by investing activities(4,082,034)(7,007,301)

Acquisition of property and equipment(4,374,570)(1,734,583)

Proceeds from disposal of property and equipment

178,565

11,437

Acquisition of intangible assets

113,971(5,284,155)(349,105,174)

975,306,091-

290,000,000

Funding liabilities raised fixed term facility-

1,500,000,000

Funding liabilities raised credit line facility

120,375,000-

Cash flows from financing activities
Funding liabilities raised bonds-(670,000,000)

Funding liabilities paid bonds

Funding liabilities paid term loan

(100,000,000)(71,000,000)

Funding liabilities paid fixed term facility(386,822,473)(73,693,909)

Funding liabilities paid credit line facility(10,467,391)-

Current liabilities credit guarantee scheme funding received

48,978,000-

Dividends paid

(21,168,310)-

Net (decrease) / increase in cash and cash equivalents(97,608,237)

37,101,447

Cash and cash equivalents at the beginning of the year

698,977,010

661,875,563

Cash and cash equivalents at the end of the year

601,368,773

698,977,010

36

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PO Box 235
Windhoek
Namibia
Tel. + 264 61 290 8000
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