Through numerous interactive efforts since March 2020 between Namibia Wildlife Resorts (NWR) and government as the sole shareholder, the latter availed N$40 million to NWR on 20 October 2020 for the 2020/21 financial year in Mid-Year Budget Review and Medium-Term Budget Policy Statement in support. The last time NWR received such financial support from the shareholder was in 2017 for an amount of about N$6 million.
Since mid-March 2020, when Covid-19 broke out in Namibia, NWR board and management worked closely with government through the Ministry of Public Enterprises, to find ways of mitigating the effects of the pandemic and ensuring the sustainability of the company. Therefore, as the company has consistently communicated, the past six months have been the most challenging for most Namibian companies The Covid-19 pandemic has and it still has an enormous impact on the tourism and aviation-dependent organisations worldwide.
Most, if not all, shareholders, company boards, executive management in private and public sectors alike, have done the same in being first concerned with the wellbeing of their organisations. With the outline of activities and the current conditions, the company is grateful for the support it has received.
“We are, therefore, grateful to the shareholder, the Government of the Republic of Namibia, for their assistance in the current times. The large amount of the funds received are to be re-injected in the Namibian economy through immediately settling overdue suppliers’ invoices.
Equally, part of the funds received will be used for our employee costs (our wage bill and the current voluntary separation exercise),” said Matthias Ngwangwama, NWR managing director.
2020-10-27 07:56:13 | 1 months ago