Africa-Press – Namibia. THE Oshana Gymnasium Private School, being constructed by Prosperity Education Namibia in collaboration with Curro Group Select School and Ino Harith Capital, is expected to be completed in 8 years.
The Development Bank of Namibia will provide funding for the project.
Fillemon Iyambo, the Managing Director of Ino Harith, announced that they have made an investment of N$104 million towards the establishment of the school.
Iyambo made these remarks during the groundbreaking ceremony of the Oshana Gymnasium Private School on Tuesday.
He said that as a company, they focus on impact investment to uplift people.
“It is always our mission to contribute to the country’s development, which is why this investment is aimed at achieving that goal,” he said.
Iyambo added that the company invests in all commercially viable infrastructure industries, excluding pure mining and agriculture sectors.
Martin Iinkumbi, CEO of the Development Bank of Namibia, mentioned that the bank is dedicated to financing successful social enterprises.
“Its past accomplishments include building schools, hospitals, and recycling programs that are beneficial for the environment,” he said.
Therefore, the bank is investing N$72.9 million in this initiative over a long period of time, with an interest rate of 10.2%. The terms (interest holiday and capital holiday) are designed to ensure the long-term viability of the school. However, it is crucial that the loan be fully repaid, along with interest.
He emphasized that the bank is focused on expansion rather than profit.
According to Iinkumbi, the money generated from this investment will be used to repay bondholders, for whom the bank acts as a conduit for investments, and to expand the fund that the bank uses to lend to other businesses and infrastructure projects.
“The Curro Group has established itself as a long-lasting company with significant social value,” he added.
In addition to the creation of 160 jobs, Iinkumbi said that the bank believes the Oshana Gymnasium Private School will be sustainable and make a significant contribution to Oshana by providing opportunities for local and national SMEs to meet the needs of Oshana Gymnasium.
VIDEO: Groundbreaking of the Oshana Gymnasium Private School. Video: Maria David
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