The Government Institutions Pension Fund (GIPF) has a vested interest in the country’s financial system for the very reason that its members are part and parcel of the domestic financial community.
This was the message from GIPF chairperson of the board of trustees Penda Ithindi, at the recently ended Alliance for the Financial Inclusion (AFI) 2025 Global Policy Forum (GPF).
The event was hosted in partnership with the Bank of Namibia (BON) in Swakopmund.
The forum attracted approximately 800 delegates from across the African continent and beyond.
It was convened under the theme ‘Empowering Society, Enabling Growth through Financial Inclusion’.
In a speech delivered on his behalf at the conference, Ithindi said “the financial inclusivity agenda is of significant relevance to the GIPF, as the fund’s members are part of the country’s financial community. Thus, the fund has a vested interest to ensure they are adequately serviced by the financial system”.
“The GIPF’s contribution in the Namibian economy is substantial in that it has historically faced challenges in attracting substantial foreign direct investment outside the mining sector. Apart from striving to earn inflation-beating returns on its investments with the objective of providing inflation-indexed annuity to its members, GIPF’s investment philosophy has at its core a steadfast commitment to creating tangible socio-economic value for Namibia through strategic investments that go beyond financial returns. By channelling capital into key economic sectors, GIPF supports national development objectives, fostering an ecosystem of opportunity and progress,” added Ithindi.
The GIPF as the single largest investor in Namibia’s economy, spanning across various sectors with a footprint in all 14 regions, plays a crucial role in promoting socio-economic development that is inclusive, resilient and sustainable for the benefit of its members, their beneficiaries and the Namibian nation at large.
The Fund has adopted the United Nations Principles for Responsible Investment (UNPRI) as a framework to guide our responsible investment approach.
As a UNPRI signatory, we advocate for climate resilience and socially impactful investments.
The Fund adopted a Responsible Investment and Active Ownership Policy (2022), ensuring that Environmental, Social and Governance (ESG) principles are embedded across all our investment processes, pre-and post-investment.
This includes monitoring and influencing through stewardship and proxy voting practices.
The Fund’s commitment to integrating these principles has resulted in an increase in its asset allocation to sustainable investment vehicles, including green bonds and infrastructure projects aligned to Namibia’s climate mitigation and development goals.
This results in financial inclusion through sustainable investments.
The Fund’s investments are inclusive in that the GIPF is accessible and open to investment projects that benefit communities through job creation and socio-economic empowerment.
Examples of such projects include the Mashare Berries project on the banks of the Kavango River, the soon-to-be-implemented Pension Backed Home Loan Scheme, the Omburu Solar PV Power Plant in Omaruru as well as pharmaceutical and medical fields and projects in the agriculture and renewable energy space.
Ithindi noted that the Fund has noticed the surge in green bonds being issued by some bond issuers in Namibia over the past five years.
The GIPF has taken up N$56 million of the N$227 million Bank Windhoek Green bonds issued in June 2021.
Additionally, the fund has invested in the First National Bank of Namibia’s sustainability bonds issued in March 2025.
“The GIPF, in the alternative investment space, has over the past nine years, committed N$2.1 billion through various Namibian asset managers for infrastructure projects that are aligned to Namibia’s energy transition and development needs.
These commitments are currently close to N$1 billion already drawn and invested.
Notably, the GIPF investments are earmarked for developmental projects, addressing key social needs such as housing, renewal energy infrastructure and public infrastructure.
The Fund’s investments have, and continue to make, a significant economic impact, contributing to critical areas for societal development and financial inclusivity.
Looking ahead, the GIPF board of trustees stated that it has observed the growing opportunities within climate adaptation and climate mitigation investment space.