{"id":22021,"date":"2022-06-12T14:16:46","date_gmt":"2022-06-12T14:16:46","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/dbn-provides-n8m-for-rural-youth-enterprises"},"modified":"2022-06-12T14:32:32","modified_gmt":"2022-06-12T14:32:32","slug":"dbn-provides-n8m-for-rural-youth-enterprises","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/dbn-provides-n8m-for-rural-youth-enterprises","title":{"rendered":"DBN provides N$8m for rural youth enterprises"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE Development Bank of Namibia (DBN) has provided N$8 million to finance 28 rural youth enterprises.<\/b><\/p>\n

Prime minister Saara Kuugongelwa-Amadhila said the 28 enterprises are part of a wider initiative to provide funding to 121 rural youth enterprises.<\/p>\n

\u201cFunding for youth enterprises is an important component of Namibia’s goal to achieve sustainable development, under the Fifth National Development Plan.<\/p>\n

Kuugongelwa-Amadhila said the project aims to create 1 210 new, sustainable, permanent jobs.<\/p>\n

DBN’s initial involvement consisted of business management training for 407 young people from the 121 rural youth enterprises, an exercise that involved technical support to the tune of N$1,2 million.<\/p>\n

DBN head of SME finance Robert Eiman said the bank sees threefold value in the initiative.<\/p>\n

\u201cThe bank has as one of its goals the provision of finance for young entrepreneurs.<\/p>\n

The programme is expected to be a seed for the future of Namibia’s economy, and youth enterprise will be the pool from which it draws its future prosperity and employment creation,\u201d he said.<\/p>\n

Eiman said the initiative complements existing bank programmes that provide skills-based finance to young professionals, young artisans, and finance for other young entrepreneurs through its SME finance and investments departments.<\/p>\n

\u201cThe bank believes that rural enterprise is critical to the future of Namibian prosperity and food security.<\/p>\n

The fact that the beneficiaries are from rural constituencies will add to the attainment of development impact in rural areas,\u201d he said.<\/p>\n

Eiman added that the bank is seeking to finance agri-processing, an offshoot of manufacturing, as well as agri-industry which supports agriculture.<\/p>\n

\u201cThe agricultural roots of many of the enterprises that will benefit from this initiative will foster secondary value adding to agriculture.<\/p>\n

The disbursement and administration of finance for the 28 enterprises will be managed by the Ministry of Sport, Youth and National Service,\u201d he said.<\/p>\n

Bank spokesperson Jerome Mutumba urged young entrepreneurs to approach the bank with sustainable business plans to apply for finance as SMEs, or to apply for skills-based finance for young artisans or young professionals.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE Development Bank of Namibia (DBN) has provided N$8 million to finance 28 rural youth enterprises. Prime minister Saara Kuugongelwa-Amadhila said the 28 enterprises are part of a wider initiative to provide funding to 121 rural youth enterprises. \u201cFunding for youth enterprises is an important component of Namibia’s goal to achieve sustainable […]<\/p>\n","protected":false},"author":84,"featured_media":22020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-22021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nDBN provides N$8m for rural youth enterprises - Namibia<\/title>\n<meta name=\"description\" content=\"THE Development Bank of Namibia (DBN) has provided N$8 million to finance 28 rural youth enterprises. 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