Fitch keeps Development Bank of Namibia's ratings stable at 'BB minus'


Fitch Ratings in London has decided to keep the Development Bank of Namibia Limited's long-term issuer default ratings at 'BB minus' with a stable outlook. 

This means the bank is considered to have a slightly higher credit risk but is stable overall.

Investors worldwide use these ratings to choose investments that are less likely to default and provide a good return.

Fitch also gave the bank a National Long-Term Rating of 'AA Plus,' which means it offers high-quality investment-grade products. 

Keetmanshoop Municipality applies for a loan from DBN


The Keetmanshoop Municipality has applied for an N$11.9 million loan from the Development Bank of Namibia (DBN) to upgrade its electricity infrastructure. 

This transpired at the presentation of the municipality's ministerial-approved N$296.8 million operational budget to residents on Tuesday.

Khoetage Dax, Keetmanshoop Electricity Business Unit manager, revealed that DBN has approved the loan pending ministerial approval. 

He says the loan will be repaid over a period of ten years. 

DBN clarifies its position on financing mining exploration activities


The Development Bank of Namibia (DBN) has clarified its position on financing mining exploration activities, stating that it does not provide funding for such business activities.

DBN has faced criticism for allegedly discouraging certain Namibians, particularly small-scale miners, who are interested in acquiring EPLs in the mining sector.

Several SOEs reiterate commitment to finance agricultural activities to ensure food security


Several State Owned Enterprises reiterated their commitment to finance agricultural activities to ensure food security in the country.

The commitments were made by the Agribank, DBN and the Environment Investment Fund at a three-day workshop on food security in Windhoek.

Under the Malabo and Maputo declarations, African governments are expected to spend at least 10 percent of their national budgets on the agriculture sector.

DBN hands over classrooms to Maunga Junior Primary School


The Development Bank of Namibia (DBN) has handed over two classrooms to the Maunga Junior Primary School in Linyanti Constituency.

The classrooms were constructed at a cost of N$500 000.

The Head of Marketing & Corporate Affairs at the Development Bank of Namibia, Jerome Mutumba said rural development is central to the government, and government institutions must play a role to develop the rural part of the country. 

Also speaking at the handing over was school principal, Susan Museke.

Meatco introduces performance and income generation strategies


Meatco has introduced strategies to improve its performance and income by exploring new export markets for the country's meat and meat products.

The state-owned company has been swimming in debt over the last few years and has been operating mainly on bank overdrafts.

Meatco CEO, Mwilima Mushokobanji, briefed the media on the state of the corporation.

Meatco has become limping financially and has neglected the main source of its existence, i.e. the producers, to the extent that some farmers are deserting it and are setting up a new outfit that would rival Meatco.

CoW & DBN sign loan agreement


City of Windhoek and the Development Bank of Namibia signed a loan agreement of N$155 million to finance the construction of the Khomas Intake Substation project.

Developments in residential, commercial, and industrial areas throughout the city have led to an ever-increasing demand for power.

Currently, the existing Nampower Van Eck Substation cannot be upgraded further to accommodate anticipated demand as it has reached its full physical design capacity, which is expected to be surpassed before 2027.