Johannesburg, South Africa, October 27, 2015—IFC,
a member of the World Bank Group, today 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
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.
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,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org