Namibia Provides Loans to SMEs for Business Revival

By Xinhua 

May 22, 2023

Namibia’s revamped scheme to support small and medium-sized enterprises (SMEs) faced with challenging economic conditions has assisted 80 SMEs across the country, the Bank of Namibia (BoN) said Friday.

The scheme was relaunched in February in response to the economic challenges posed by the COVID-19 pandemic and the lingering effects and is now instrumental in providing affordable financing to businesses in various sectors.

The loans aim to assist businesses in paying for operational expenses such as salaries, rent, lease agreements, and contracts with suppliers.

“By providing much-needed capital, these SMEs are given a shot in the arm and have created employment opportunities for Namibians who would have otherwise been jobless in the aftermath of the pandemic and geopolitical storms, which gave rise to inflationary pressures,” said BoN Director of Strategic Communications and International Relations Kazembire Zemburuka in a statement.

According to Zemburuka, since its relaunch, the scheme has garnered a significant response, with more than 200 SMEs nationwide submitting loan applications through regional branches of participating commercial banks.