The Development Bank of Namibia’s 2023/24 annual report shows the institution facilitated the creation of 3 525 jobs through various projects, with a substantial focus on supporting small and medium enterprises (SMEs).
The report, launched last Thursday, shows DBN supported 74 SME projects with funding of N$95.9 million.
Meanwhile, the bank’s ambitious 2024-2029 Integrated Strategic Business Plan (ISBP) aims to achieve a projected loan book growth of N$1.292 billion by 2029 and to create 25 000 sustainable jobs. The ISBP also plans to drive digital transformation to enhance loan processing efficiency and allocate 30% of loan approvals to women and youth by 2029.
DBN’s 2023/24 Integrated Annual Report shows a year of significant impact and strategic achievements in financing projects contributing to domestic socio-economic development. The report presents the bank’s financial results and outlines its roadmap to 2029, emphasising commitment to transformative development finance and sustainable growth across key sectors.
The report shows DBN approved a total of just over N$319 million in loans for infrastructure financing, with 78% directed toward solar energy initiatives. This strategic allocation aligns with DBN’s focus on sustainable and green financing solutions, a crucial component of domestic economic and environmental future.
Moreover, DBN demonstrated its dedication to inclusivity by investing N$42 million in youth-owned businesses and N$51.4 million in women-owned enterprises, supporting a more equitable entrepreneurial domestic landscape.
Sara Kapiye, the bank’s chief human capital officer, presented an overview of the report, stating it reflects DBN’s core values of accountability, integrity, service excellence, and transformative impact.
“This is in alignment with the bank’s strategic pillars of financial sustainability, people and culture, market positioning, and development effectiveness,” said Kapiye.
Meanwhile, DBN recorded substantial growth in revenue during the last financial year. This was attributed to increased lending to both the service and manufacturing sectors, with a combined loan value of N$450.1 million supporting 22 service sector projects and two manufacturing projects worth N$43.0 million.
Nicky Mutenda, DBN’s chief financial officer, who presented the financials, noted the 2023/24 report demonstrates the bank’s capacity to achieve sustainable returns while prioritising socio-economic outcomes that empower Namibia’s communities and economy.
“As DBN expands its financial footprint, the bank is also committed to digital transformation initiatives to streamline processes and ensure efficiency in loan disbursements and customer engagement,” said Mutenda.
“Our 2023/24 financial performance reflects a robust and responsive institution that is well-positioned to meet Namibia’s evolving development needs. We are not only financially sound but strategically equipped to amplify our impact in sectors that drive national progress. As we move towards our 2029 targets, we are committed to responsible, inclusive growth,” he added.
On the corporate social investment (CSI) front DBN invested more than N$487 000, including the completion of a maternity ward in Rupara, Kavango West, and donated N$30 000 to Oshuungu Combined School for classroom furniture. Additionally, DBN’s National Mentoring and Coaching Programme provided guidance to more than 260 mentees, strengthening their business acumen and resilience.
DBN chief executive John Steytler stated: “The 2023/24 Integrated Annual Report not only showcases the progress made but also reaffirms our mission to empower Namibian businesses and communities. Our focus on sustainable financing and inclusive growth is integral to our vision of a thriving, resilient economy.”