The Ministry of Finance announced that N$14.78 million has been allocated to 42 startups through the first phase of the Namibia Youth Fund (NYF).

The Executive Director within the finance ministry, Michael Humavindu, said the funding is more than just money; it is a way to turn opportunity into production and production into livelihoods. 

He explained that the support aims to help young people grow their businesses and generate jobs across various sectors of the economy.

He was speaking at the Economics Association of Namibia public discussion, “The Jobless Growth Puzzle: Can Namibia Unlock Inclusive Prosperity?” on Wednesday. 

The Youth Fund has an allocation of N$500 million, with N$257 million available for this fiscal year. It is managed through the Development Bank of Namibia (DBN), Agribank, and the Environmental Investment Fund (EIF). These organisations will help bridge the financing gap for youth-led businesses and make it easier for young entrepreneurs to access capital.

Humavindu stated that the Fund will not only offer financial assistance but also assist young people in developing their ideas through mentoring, training, and business development support. 

“The Fund will not only provide loans but also help young people develop their ideas and manage their projects better,” he said.

In the same spirit, public finance reforms are increasingly tied to the real economy.  

“We are now looking at budgeting not only through the lens of fiscal balance, but also through its ability to support productive sectors and build domestic productive capacities. Equally, the utilisation of instruments such as the PPP will be of paramount importance. That is why, as government, we are prioritising institutional and infrastructure development, strengthening and collective commitment to the implementation of appropriate policies and strategies, and legal and regulatory instruments,” he said. 

He further said that it is essential to build and strengthen economic governance institutions, collectively formulate and implement policies, strategies, and economic initiatives and programs, and then evaluate related processes and outcomes. 

Additionally, he emphasised that the government and financial institutions should collaboratively develop and implement financial instruments targeted at MSMEs and SMEs’ informal enterprises. 

“From the above, actual employment creation and poverty alleviation will materialise. That is why, as government, we are prioritising institutional and infrastructure,” he said.  -pmukokobi@nepc.com.na