Germany supports Namibia in economic revival of businesses



On 17 December 2020, a loan agreement between the Development Bank of Namibia (DBN) and the Development Bank of Germany (KfW) had been signed. KfW provides refinancing for DBN’s non-agricultural small business loan scheme which forms an integral part of Ministry of Finance “Economic Stimulus and Relief Package to Mitigate the Impact of COVID-19”.

The interest-reduced loan amounts to approx. N$455 million (or 25 million EUR). DBN will provide the actual loans to non-agricultural SMEs that have experienced significant losses of income as a result of the Covid-19 pandemic. The relief measure is aimed at supporting cash flows and continued economic productive activities. The loans can also be used for investing into new business areas that help strengthening resilience of companies for future shocks. The loan is backed by the government guarantee, underscoring the resolve of the Government of the Republic of Namibia to promote access to affordable finance for SMEs, especially during these unprecedented times. “The extension of this loan facility comes as a good shot in the arm for the SME sector at this point in time. It is complementary to the suite of support packages extended to the SME sector as the engine of economic recovery, growth, jobs and wealth creation”, stated Mr Ipumbu Shiimi, Minister of Finance.

The DBN forecasts that the funding offers much sought financial relief to around 200 SMEs. The DBN will customize the loans based on individual enterprise needs. Industries such as tourism, hospitality, and transport and logistics, having experienced the largest loss of revenue due to lock-down related effects nationally, regionally and globally will be prioritized.

The highly valued support will contribute to preserving continuity of SME business activities and build a foundation for recovery, said CEO of DBN, Martin Inkumbi. Although the Bank will, through its normal SME lending window give attention to startups, the overwhelming priority for this
Covid-19 relief measure loans will be to preserve business continuity and hopefully preserve jobs.

“We are proud to able to support the Namibian economy with affordable access to credit for businesses in Namibia affected by the COVID-19 pandemic and by this, to support employment and income opportunities during and after the Corona crisis”, said Barbara Pirich, director of the KfW office Windhoek in Namibia at the signing ceremony.

Beyond its emergency support character, the credit line complements the existing German-Namibian development cooperation in the focal area of sustainable economic development and contributes to the promotion of broad-based economic growth supported by the private sector, highlighted Mrs. Sauer, Counsellor for development cooperation at the German Embassy

The new relief programme is part of the German financial cooperation and builds on COVID-19 related support provided via technical cooperation implemented by GIZ in partnership with the Ministry of Industrialization and Trade and Ministry of Finance which targets Start-Up Businesses as well as SMEs.

“Start-up Namibia”, for example has disbursed approx. 600 Startup Survival Grants (worth N$15 000.00 each) to formally registered startups not older than five years. While the GIZ-programme “Promotion of Business Advisory and Transformation Services” is offering a grant scheme “Pitching for Recovery P4R)” in which micro enterprises in all 14 regions have the opportunity to receive financial support and coaching for their ideas on how to recover their businesses. In a close cooperation with between GIZ and the Development Bank of Namibia (DBN), selected SMEs and companies from the tourism sector are also offered a supportive restructuring of their loans.


During the global COVID-19 pandemic, Germany has so far provided N$850 million to Namibian partners to fight the pandemic and to mitigate the respective challenges on livelihoods and businesses in Namibia. Beyond approx.. N$530 million that have been mobilized to support SMEs and Start-ups to support their business continuity and recovery, N$250 million was mobilized to support Namibia in mitigating the challenges of the COVID-19 pandemic in the conservation and tourism sector. This builds on more than N$70 million that have been dedicated to various COVID-19 related immediate support measures in ongoing programs, e. health and prevention measures in informal settlements and markets or public transport


NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Latest News

Frightened Residents brace as Cyclone Eloise approaches Mozambique Coronavirus: COVAX announces new agreement, plans for first deliveries Coronavirus – Seychelles: India gifts Seychelles with COVISHIELD vaccines Coronavirus – Namibia: COVID-19 Update 22 January 2021 Sierra Leone’s President Julius Maada Bio inspects Agricultural Machinery at the Agriculture Central Stores in Freetown Coronavirus – Uganda: COVID-19 update (22 January 2021) Africa’s first ever Union Cycliste Internationale (UCI) World Tour team, Team Qhubeka ASSOS, unveils iconic 2021 race jersey Coronavirus: African Union Member States reporting COVID-19 cases as of 22 January 2021, 9 am EAT Online Trading: What to look for in a Broker Participation, education, digital access and climate change are key concerns for children and young people in Africa and Europe, U-Report poll finds Grim milestone as Sahel violence displaces 2 million inside their countries 6th Programme for Infrastructure Development in Africa (PIDA) Week opens Virtually to Discuss Infrastructure Development in the New Decade of PIDA Programme Over 100,000 displaced by resurgence of violence in Sudan’s Darfur region Coronavirus: The United States provides 20 ventilators to Zimbabwe to respond to COVID-19 Coronavirus: Bank of Namibia donates Medical Equipment to the Ministry of Health and Social Services Coronavirus – Namibia: COVID-19 Update 21 January 2021 Coronavirus – Eswatini: COVID-19 update (21 January 2021) Coronavirus – Sierra Leone: COVID-19 update (21 January 2021) Coronavirus – Kenya: COVID-19 update (21 January 2021) Coronavirus in Africa could reverse 30 years of Wildlife conservation gains, harming interconnected communities and livelihoods (By Edwin Tambara) Coronavirus – Zambia: COVID-19 update (21 January 2021) Coronavirus – Nigeria: COVID-19 update (21 January 2021) Coronavirus – Eritrea: Announcement from the Ministry of Health (21 January 2021) Coronavirus – Malawi: COVID-19 update (21 January 2021) Coronavirus – Rwanda: COVID-19 update (21 January 2021) How Somalia, one of the world’s most fragile states, is working for a more resilient, low-carbon future Coronavirus – South Africa: COVID-19 update (21 January 2021) Coronavirus – Ethiopia: COVID-19 update (21 January 2021) African Development Bank (AfDB) President Akinwumi Adesina’s Speech at the Federal Inland Revenue Service Tax Dialogue Coronavirus – Uganda: COVID-19 update (20 January 2021) Coronavirus – Zambia: COVID-19 update (20 January 2021) Coronavirus – Kenya: COVID-19 update (20 January 2021) OUT NOW! 2ND edition of “Billions at play” outlining the road to recovery for the African Oil and Gas Sector, post Covid-19 Coronavirus – Ethiopia: COVID-19 update (20 January 2021) Coronavirus – Nigeria: COVID-19 update (20 January 2021) Coronavirus – South Africa: COVID-19 update (20 January 2021) Coronavirus – Rwanda: COVID-19 update (20 January 2021) Save the Children welcomes decline in violations against children in South Sudan Coronavirus – Eswatini: COVID-19 update (20 January 2021) Coronavirus – Gambia: COVID-19 update (20 January 2021) Japanese lawmaker receives suspended prison sentence for vote-buying FAO launches project to enhance food security in Somalia Tedros welcomes United States announcement to maintain membership in WHO Tedros welcomes United States announcement to maintain membership in WHO International Islamic Trade Finance Corporation approves US$10 million Line of Trade Finance Facility for Uzbekistan based Private Joint Stock Commercial Bank ‘Orient Finans’ Africa needs timely access to safe and effective COVID-19 vaccines Coronavirus – Malawi: COVID-19 update (20 January 2021) Iran condemns deadly bombing attacks in Baghdad Update: 32 killed, 110 wounded in twin suicide bombings in Baghdad Sri Lanka fully reopens borders to tourists, international arrivals