Barely one year old the Development Bank of Namibia kick-started its loan operations in style on Thursday in Windhoek with 2 credits handed out to black economic empowerment (BEE) companies. Namibia Stone Processing at Omaruru, which opens next week, received some N$ 27 million form the DBN and Aquatic Utilities, represented by Dr Kaire Mbuende, got an N$ 2,7 million loan to construct a seawater treatment plant for NovaNam fishing company.

"This will save water and costs as the treated sea-water will be used to wash fish catches as they enter the factories", Dr Mbuende pointed out.

Finance Minister Saara Kuugongelwa-Amadhila urged the recipients to honour their loan agreements.

The CEO of the bank, David Nuyoma said Namibia’s first own development bank would help bringing Namibia a step closer to industrialisation and the goals of Vision 2030. The assets of the former Development Fund and NDC will go to the new bank.