Development Bank of Namibia Reports N$62 Million Profit Amidst Job Creation Efforts

Development Bank of Namibia Reports N$62 Million Profit Amidst Job Creation Efforts

The Development Bank of Namibia has announced an investment of over N$21 billion towards the country's development, resulting in the creation of more than 76,000 jobs since its establishment 20 years ago. For the FY2023/2024, according to reports by The Brief, the bank reported a net operating profit of N$62 million, a significant recovery from the N$270 million loss in 2022. Although the bank aimed for a N$100 million profit, […]

November 1, 2024 12

Namibia

DBN and One Economy Foundation Partner for Inclusive Economic Growth

The Development Bank of Namibia and One Economy Foundation have entered into a five-year Strategic Comprehensive Partnership Agreement focused on fostering sustainable economic growth, youth empowerment, and community development across the country. This significant partnership underscores their shared dedication to promoting equality and expanding socio-economic opportunities for marginalized groups, especially youth, women, and rural entrepreneurs.

October 24, 2024 17

Business / Economics

Development Bank of Namibia and One Economy Foundation sign deal

The Development Bank of Namibia and the One Economy Foundation have signed a partnership to promote sustainable economic growth, youth empowerment, and community development. The collaboration focuses on mentorship, capacity building, and enterprise development, with a special emphasis on supporting youth, women, and rural entrepreneurs. Development Bank of Namibia CEO, John Steytler.

October 23, 2024 23

Business / Economics

Trans Namib’s hydrogen-powered train expected by April 2025

TransNamib has temporarily suspended a project to convert two locomotives to run on hydrogen and diesel using locally produced green hydrogen. This follows the approval of a N$2.6 billion loan from the Development Bank of Namibia and the Development Bank of Southern Africa to help modernise its fleet. TransNamib and the Namibia Green Hydrogen Programme expect a hydrogen-powered locomotive operational by April next year, according to TransNamib spokesperson Abigail Raubenheimer. […]

September 16, 2024 41

Business / Economics

Bank of Namibia and Development Bank Forge Alliance for Economic Growth

The Bank of Namibia and the Development Bank of Namibia have signed a Memorandum of Understanding to bolster economic growth in Namibia. This collaboration aims to enhance their respective roles in driving sustainable economic development and improving social welfare. Sandra Garises, the Bank's principal communication officer.

June 18, 2024 79

Business / Economics

Namibian Local Content Conference 2024 underway at Lüderitz

The Namibian Local Content Conference 2024 is currently underway in Lüderitz. The conference is tackling ways how to ensure that the country's oil and gas discoveries benefit Namibians. Minister of Mines and Energy, Tom Alweendo, said that it also presents an opportunity for the business community to contribute to the policy framework. Erik De Waal from the Development Bank of Namibia explained the types of financing that could support […]

April 17, 2024 149

Business / Economics

DBN’s long-term ratings steady with positive outlook

Fitch Ratings has affirmed the Development Bank of Namibia Limited's Long-Term Issuer Default Ratings at 'BB-' and its National Long-Term Rating at 'AA+, with a stable outlook. Fitch said although DBN recorded a loss of N$270 million for the 2023 financial year due to high loan impairment charges, it forecasts the bank to turn profitable. Here is economic researcher Josef Sheehama.

March 26, 2024 26

Business / Economics

25 March 2024 Morning Biz News: Financial Insights: Updates from the Global Market

1. Fitch Ratings Affirms Development Bank of Namibia's Ratings Despite Losses Fitch Ratings recently announced its decision to maintain the Development Bank of Namibia Limited's Long-Term Issuer Default Ratings at 'BB-' and its National Long-Term Rating at 'AA+(zaf)', with a stable outlook. Despite facing a setback with a N$270 million loss in the 2023 financial year due to high loan impairment charges, Fitch remains optimistic about the bank's future. The […]

March 25, 2024 14

Namibia

Development Bank of Namibia and World Bank Explore Collaboration

The Development Bank of Namibia and the World Bank have initiated discussions to explore cooperation between the two development financiers. A senior team from the World Bank visited DBN to discuss potential avenues of collaboration. The primary focus of the discussions was the preparation of a technical background paper concerning the financial sector for the upcoming Namibia Climate Change and Development Report.

March 22, 2024 52