WALVIS BAY – The Namibian Procurement Fund (Namprofund) has funded the JJD Earthmoving and Construction company with a N$45 million loan. Namprofund also helped purchase earthmoving equipment for the company. The company, owned by Johnny Doeseb, was recently awarded three tenders amounting to more than N$100 million to service 694 erven in Walvis Bay.
Namprofund provides working capital finance, purchase order finance, stock warehousing finance, invoice discount, Bid and Performance guarantees and lease finance to small businesses which have supply contracts with state-owned companies, private corporates, local authorities and government to supply goods, and value adding services who require funding ranging from N$100 000 to N$32 million. The investor in the fund is the Government Institutions Pension Fund and the fund is managed by BFS NamPro Fund Manager.
Doeseb said that it has been an emotional journey as he has been wondering how to execute the tender from the local council. He then thanked the Walvis Bay Municipality for entrusting his business with such a big task that will not only generate jobs but will transform the town’s landscape while creating much needed housing.
Erongo Regional Governor, Cleophas Mutjavikua, said the handing over celebrates entrepreneurship and showcases how different organisations can work in harmony for social and economic development.
“The tenders awarded to JJD Earthmoving and Construction is of significant value and requires capacitation to execute the contract successfully. Therefore I would like to thank Namprofund for assisting the company to execute the obligations successfully,” he said.
JJD currently employs about 76 people. Doeseb started his company in 2003 and has worked on various projects for companies such as Rössing uranium mine.
By Eveline de Klerk