The FINANCIAL — IFC, a member of the World Bank Group, on October 27 announced a $68 million loan, equivalent to 920 million South African Rand, facility 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, amongst 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 1300 staff and covers the entire country through its network of fifty-three branches, according to IFC.
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 services 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.