Windhoek

Chief Executive Officer of the Agricultural Bank of Namibia Ambassador Leonard Iipumbu’s contract has been extended by 15 months - from May 1, 2015 to July 31, 2016 - the Agribank’s board announced last week.

Iipumbu joined Agribank in February 2005 after serving as Namibian Ambassador to France and the United States. During his 10 years at the bank, Iipumbu was credited for transforming the bank into a versatile and responsive financial institution in order to meet the bank’s mandate of promoting agriculture or activities related to agriculture by lending money to individuals and financial intermediaries for the development of the agriculture industry. Under his leadership, the Agribank’s growth and performance of its loan book averaged 8.5 percent over a period of 10 years and its net worth increased from N$672 million in 2004 to N$1.8 billion in 2014.

According to the chairperson of the bank’s board of directors, Terttu Uuyuni, the board is confident that Iipumbu would continue to lead the bank forward and drive its business strategic intent to contribute to the reduction of poverty and will help facilitate the achievement of Vision 2030.