IFC, a member of the World Bank Group, this week announced a US$68 million loan, equivalent to about N$920 million, to Bank Windhoek.
The facility is aimed at diversifying Bank Windhoek’s funding base, improving its maturity profile and strengthening its liquidity and lending.
Christo de Vries, Managing Director, Bank Windhoek, said: “Bank Windhoek is proud of its association and partnership with the IFC. The loan facility will empower the bank to increase its lending to small-scale enterprises, among others, which is a very important sector in Namibia’s future economic growth and development.”
Established by a group of Namibian entrepreneurs in 1982, Bank Windhoek is the second largest bank in Namibia with over 200 000 clients and a 28 percent market share. It employs more than 1 300 staff and covers the entire country through its network of 53 branches. Aliou Maiga, IFC Head of Financial Institutions Group for Africa, said:
“IFC sees this investment as the start of a long-term partnership with Bank Windhoek that strengthens the banking sector in Namibia. Its broad reach in the market makes Bank Windhoek an ideal partner to expand access to finance for thousands of small-scale enterprises, contributing to job creation and economic growth.”
IFC’s Financial Institutions Group invests in financial service providers across Sub-Saharan Africa to advance financial inclusion and increase access to finance for underserved markets such as small-scale businesses, women entrepreneurs and rural communities. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2 000 businesses worldwide, IFC uses its capital, expertise, and influence to create opportunity where it’s needed most. During the 2015 financial year, IFC’s long-term investments in developing countries rose to nearly US$18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity.