Oshikoto Region has been urged to utilise financial services offered by the Development Bank of Namibia, as currently it is rated as the lowest funded region for the past 10 years, with only N$148 million having been disbursed to it, compared to other regions.
A large chunk has been spent on road construction, which stood at N$50 million, followed by mining and quarrying, which amounted to N$49 million and N$13 million, respectively, having been funded for transport and communication, among other notable projects.
The advice took into account that Omuthiya is the capital of the region and that a lot of developmental projects still need to be undertaken, as the town is still in its infant phase, thus funding is vital to execute much needed capital projects and to accelerate development.
Officials from DBN met with Governor Henock Kankoshi and other stakeholders from the regional council and Omuthiya Town Council to brief them on how they can benefit from DBN’s financing scheme to local authorities.
DBN’s financial scheme is geared towards improving local authority infrastructure, focusing on areas such as servicing of land, installation of water and electricity and waste management. This is part of the bank’s effort to expand basic services to local communities.
Municipal leaders were informed that they qualify for loans, ranging from N$5 million to N$350 million, repayable over a period of 20 years, provided they have a clear and clean balance sheet that indicates financial viability, as well as how they plan to recoup the funds to repay the loan.