Namibia’s central bank governor, Iipumbu Shiimi, on Friday said the country’s Small-and-Medium-Sized Enterprise (SME) sector is important for economic development as it has the potential to create employment.
Shiimi said this at an event in Windhoek Friday where the central bank availed an additional 3.4 million U.S. dollars for the implementation of the SME Financing Strategy launched by Namibia’s Minister of Finance, Calle Schlettwein, on Nov. 6.
The Strategy, comprising three facilities, namely the Credit Guarantee Scheme, the Venture Capital Fund and the Mentoring and Coaching Program, was approved by Cabinet at its meeting of June 6, 2018.
Following this approval, the Ministry of Finance delegated the hosting and administration of these facilities to the Development Bank of Namibia (DBN).
At the event Friday, a Memorandum of Agreement (MOA) was signed between the Bank of Namibia and the DBN regarding the utilization of the donated funds.
“The core principle of this MOA is to ensure that the funds are utilized for the intended purpose and in an efficient manner in order to yield the required results of supporting SMEs in Namibia,” he concluded. Enditem