OM Donation Will Help Partners Reach Their Goals

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By Surihe Gaomas WINDHOEK As part of its mission in supporting the democratization drive of the country’s economy, the Old Mutual Life Assurance Company yesterday donated a total of N$150ÃÆ’Æ‘ÀÃ…ÃÆ”šÃ‚ 000 to three broad-based community partners. At a press function each of the recipients, namely: Women’s Action for Development (WAD), the African Methodist Episcopal (AME) Church and the Evangelical Lutheran Church in Namibia (ELCIN), received a cheque of N$50ÃÆ’Æ‘ÀÃ…ÃÆ”šÃ‚ 000. The latest donation comes in the light of the Black Economic Empowerment deal signed between the partners in September last year when Old Mutual committed itself to supporting the country’s economic transformation through its multi-dimensional and broad-based transactions. The value of the deal last year amounted to N$308 million, where such an investment would be used for higher growth in business that would ultimately contribute to benefit ordinary Namibians. Stating the latest venture as a milestone for the company, Old Mutual Executive of Corporate Affairs, Andrew le Roux, said the objective was to keep such initiatives as “broad-based as possible by reaching out to the majority of the people”. “The purpose of this donation is to assist these partners in making the goals and objectives of our BEE transaction a reality in their respective organizations,” explained Le Roux. Furthermore, he added that the funding would be used to develop interventions that will enable the beneficiaries to formulate the necessary plans and put in place the infrastructure needed to deliver on the expectations that Old Mutual has on them in terms of their performance contracts. “It is mainly to assist our partners to put in place the infrastructure or resources that would help them to deliver on the deal. This deal is also based on win-win for all parties, where everyone will benefit in the long term. There won’t be a situation where some partners will get more than others,” said Le Roux when handing over the cheques. On their part, the BEE partners expressed gratitude to Old Mutual for making the business deal it signed with them a reality this year as this venture will benefit ordinary Namibians at the end of the day. “The Old Mutual Group BEE partnership opens significant opportunities for rural people to start investing in their own future. Rural communities will now be in a favourable position to be, for instance, more sensitized than in the past,” said Executive Director of Women’s Action for Development, Veronica de Klerk. On their part Reverend David Iileka of Ondangwa ELCIN said that the latest monies would largely go towards promoting the marketing drive of the group scheme products for the parish as well as contribute towards special meetings and workshops. This is the first time for ELCIN to have a BEE partnership with a financial institution.

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