Namibian manufacturers have signed an agreement with the Development Bank of Namibia (DBN) through which the Namibian Manufacturers Association (NMA) will identify opportunities to promote development in manufacturing, primarily through financing of enterprises that are members of NMA.
Additional features of the memorandum include that the two entities refer clients to one another for possible and relevant assistance.
NMA’s chief executive officer Ronnie Varkevisser and DBN chief executive officer Martin Inkumbi signed the memorandum of understanding (MoU) on Monday this week.
DBN says the manufacturing sector is identified as a key sector in the Fourth National Development Plan, and is one of the core components of the bank’s financing priorities, alongside transport, logistics and tourism.
The DBN says its past positive experience in providing finance for manufacturing shows that there is demand for locally manufactured products.
In addition, the DBN says it could also entertain applications for financing of management buy-ins and other shareholding to increase capital availability for manufacturing expansion.