Development Bank of Namibia (DBN) and Namibian Ports Authority (Namport) have entered into a partnership to fund the country’s ailing Small to Medium Enterprises (SMEs).

“The collaboration would be focused on three areas, namely direct future provision of financing by the DBN; financial assistance to SMEs awarded tenders by Namport; and possible financing of a housing development project for all Namport employees over a five-year period,”said Namport chief executive officer Bisey Uirab.

DBN has also Special Development Fund (SDF) which focuses on Namibia SMEs in its selected support to key sustainable projects and programmes of developmental importance

According to Namibia Chamber of Commerce and Industry (NCCI)) the growth of the SME sector, in the southern African country will have a very positive impact on employment creation as it demonstrated it can create jobs faster than any other sector.

NCCI added that despite contributing about 14 percent of Namibia’s gross domestic product (GDP) and creating thousands of existing jobs, the country’s SME sector needs a complete overhaul.

It added that the rate of the SME growth and development is wholly dependent on how proactive Namibian entrepreneurs are prepared to be in responding to these highlighted opportunities.

By George Mpofu