• August 18th, 2019
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One-million-dollar Innovation Award goes to food manufacturing project

WINDHOEK - Winner of N$1 million in the Development Bank of Namibia 2018 Innovation Award, VNA Native Foods, provided a plan to manufacture powdered soup made from African spinach. The product will provide an additional outlet for local agriculture, contribute to the Agri-industry, and be an alternative to imported powdered soups. The Deputy

Minister of Finance, Natangwe Ithete, alongside the Chairperson of the DBN Board, Tania Hangula, presented the Award.
Talking about the Award, DBN’s CEO, Martin Inkumbi, said the Bank believes that innovation can bring about new products, new business concepts, and new enterprises – or even industries that will create employment opportunities, economic growth, and economic diversification. He encouraged Namibians to think and act innovatively.

Explaining the Award entry requirements, Inkumbi elaborated that the Bank asked entrants to show that they have done the business planning and cash flow projections, that they have thought their innovation through from beginning to end, that they can launch their innovative business concept in a relatively short period of time, or that they have launched it already.

The first runner-up in the Innovation Award, Aqua Greens Namibia, provided a plan to grow food using aquaponics and fish farming to enhance food security. The second runner-up, Braveart Website, proposed a website specialising in Namibian stock photography, which will improve the marketing potential for Namibian photographers. 

The winner of the Good Business Awards large enterprise category is the Namibia Plastic manufacturers packaging for leading Namibian brands, contributing to Namibia’s drive towards industrialisation through manufacturing, and substantially reducing import requirements for packaging. 

Talking about the nature of the Good Business Awards, DBN’s Chairperson, Tania Hangula, proclaimed that the success of the Bank’s borrowers reflects that of the Bank: borrower success creates an enterprise environment, as well as socio-economic development, which lies at the heart of the Bank’s vision of national development.

Hangula added that the Bank forms an understanding of client business models, monitors loans, and stays in regular contact. 

The first runner-up in the Development Bank of Namibia 2018 Good Business Awards large enterprise category, Nampro Fund, is an investment fund that was established in 2010 to support SME suppliers that require funding to execute value adding contracts. Partial funding for on-lending to SMEs was provided by DBN. 

The second runner-up in the Development Bank of Namibia 2018 Good Business Awards large enterprise category, OLC Arandis Solar, is the first solar energy farm to sign a power production agreement with a Regional Electricity Distributor, in this case Erongo RED. Established by Olthaver & List and Cronimet Mining Power Solutions, the company partners with the Women of Destiny Trust to provide benefits to women and children. 

The winner of the Development Bank of Namibia 2018 Good Business Awards SME category, Puma Goreangab Waterfront Service Station, refuels approximately 2,000 cars daily, and it provides retail facilities for the communities of Goreangab, Greenwell Matongo, Hakahana, Wanaheda and Otjomuise. In terms of job creation, the Service Station has created more than 50 job opportunities. Banking facilities afford deposit facilities to informal traders and micro enterprises in the vicinity of Eveline Street, as well as general banking for the communities. 

The first runner-up in the Development Bank of Namibia 2018 Good Business Awards SME category, Ondangwa Airport Lodge, focuses on business travel, offers accommodation, and provides facilities for conferencing and events, effectively strengthening the business environment in Ondangwa. 

The second runner-up in the Development Bank of Namibia 2018 Good Business Awards SME category, Roadhouse Guest House, creates additional capacity on the route between Etosha National Park and north-eastern Namibia, and it has created permanent jobs in Omuthiya. 

The winners of the large enterprise and SME categories were awarded N$150 000 and N$100 000 respectively, which will be reapplied to the businesses.

While lauding the winners, the Deputy Minister of Finance, Natangwe Ithete, acclaimed that the Government, through its policies, has put in place an institutional environment that provides finance for infrastructure, larger enterprises, and SMEs to promote economic activity and inclusivity. He urged project promoters to familiarise themselves with the opportunities provided by the Government, and to use them to their best advantage.

Staff Reporter
2018-11-20 09:57:18 8 months ago

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