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Namibia to further stimulate economic development by boosting MSMEs

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Namibia has moved to stimulate innovation and accelerate development by emphasizing empowering micro, small, and medium enterprises (MSMEs).

The Namibia Investment Promotion and Development Board (NIPDB) signed a memorandum of understanding Wednesday, with a focus on harnessing the potential of MSMEs and further assisting in their development.

The agreement focuses on providing finance and associated services as well as promoting economic participation through enterprise activity.

Dino Ballotti, NIPDB executive director, said in a statement that while MSMEs play a significant role in financial development, they still faced real challenges in the form of lack of information and financial support. He pointed out that innovation and acceleration are the largest contributors to economic activity in successful economies across the world through MSMEs and there is no difference to that in Namibia.

“Evidence demonstrates the scale and commercialization of the sector can be achieved through the development of smart partnerships, such as this one, which will further drive the MSMEs agenda and ensure that no one is left behind.

Access to information and innovative practices that can scale enterprises remains fundamental where the excellent work of the Development Bank will only enhance the efforts of an inclusive, more competitive business environment,” he said. Enditem

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