“We are targeting specifically those sectors that have been identified by our National Development Plan. That plan identifies specifically four business sectors: manufacturing, tourism, transport and logistics and agriculture,” Development Bank of Namibia (DBN) CEO Martin Inkumbi told CNBC Africa.
The DBN announced its strategy for 2014 to 2018, one of which includes encouraging more young entrepreneurs, especially women, to open up businesses and have more opportunities at their disposal.
“We have an infrastructure unit in the bank that will be focusing on infrastructure projects that are taking place in the country, usually promoted by local authorities, state-owned enterprises and also by the government itself. We would like to support those financially, ” Inkumbi added.
Namibia’s energy sector is also pivotal to the country’s economic growth, and green energy programmes are fast-becoming a reality. Independent power producers will be approached as part of the development plan.
“We will be very keen to look at green energy, but also other energy sources that we can support to feed our national grid,” said Inkumbi.
The DBN will however not be involved in the primary activities of Namibia’s agricultural sector, such as in crop or animal farming, but will support the processing of value addition of agricultural produce.
Sister bank Agribank will also be supporting the primary farming activities instead, as agriculture is a key component of rural development.
“The largest section of the Namibian population is still residing in the rural areas. The big portion of that population is involved in subsistence farming. There is however opportunity for cooperatives to come together to add value to local agricultural produce,” said Inkumbi.
“There are [also] opportunities in aquaculture, [and] those are some of the projects that the rural community can be involved in, and those the DBN will support.”