DBN, Nkurenkuru sign development agreement

The new extension at the town has passed the litmus test of the environmental impact assessment.

18 March 2020 | Banking

… this could consist of commercial and industrial activity … - Martin Inkumbi, CEO: DBN

The Development Bank of Namibia has signed an agreement with the Nkurenkuru town council for a feasibility study of N$2.58 million for the proposed Extension 6.

The feasilibilty study will be financed by the DBN's project preparation fund. This fund was established to improve the DBN's loan applications which it considers of vital importance for Namibian development. Talking about the need for the feasibility study, DBN chief executive officer Martin Inkumbi said that local authorities are overarching agents of economic development. The overarching role entailed a range of impactful development points that contribute to economic activity and social development.

“In terms of economic activity, this could consist of commercial and industrial activity, as well as infrastructure such as roads, power and water,” he said.

The economic activity generates revenue streams to the local authority, which leads to funds for maintenance of the enterprise environment as well as further infrastructure development, he added.



Effective

Inkumbi said Nkurenkuru is Namibia's newest region but also one of the least economically active regions, and so it requires intensive development. He said by developing the town, economic activity would spread to outlying settlements and areas in the region.

“In light of the important role of Nkurenkuru, it is vital to understand that development is effective and that development finance is applied correctly,” he said.

Concerning the study, the CEO said the new extension has passed the litmus test of the environmental impact assessment (EIA), and that the study will focus on commercial viability.

This entails examining demand for facilities envisaged by the existing plan, as well as affordability.

“If demand and affordability are uncertain, there will be a significant financial risk to the local authority and the DBN. By identifying and understanding the risks, the plan can be amended to mitigate the risks and ensure viability,” he said. - Nampa

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