Bank of Namibia, DBN ink agreement

Central bank, DBN solidify partnership
The Bank of Namibia and the Development Bank of Namibia have signed a collaborative agreement that will remain in force for three years.
STAFF REPORTER
  • 2 Months Ago - 2024-06-19 00:00:00
The Bank of Namibia (BoN) and the Development Bank of Namibia (DBN) have formalised their commitment to collaborative efforts through a newly signed memorandum of understanding (MoU) on 17 June.
Given their strategic role in influencing economic prosperity, both institutions recognise the importance of working together to enhance their respective mandates to drive economic progress. As such, the new partnership aims to leverage the combined expertise and resources of the BoN and DBN to chart the right course in achieving sustainable economic development and social welfare for the Namibian people, the central bank and the development lender said in a joint statement.
The MoU establishes a framework for cooperative engagement, aiming to facilitate collaboration on initiatives that promote economic growth and development in Namibia. This includes sharing relevant data and information, conducting joint research, organising economic seminars, and working on projects that address specific developmental challenges.
Joining resources
CEO of the DBN, Dr John Steytler, said the MoU would help both institutions leverage their joint resources.
“This collaboration marks a significant milestone in our shared commitment to fostering economic growth and sustainable development across our nation. By leveraging our combined resources and expertise, we aim to create a robust financial ecosystem that supports innovative projects, empowers small and medium enterprises, and drives inclusive economic progress,” Steytler said.
“Together, we are poised to make a lasting impact on Namibia's economic landscape, ensuring prosperity and opportunities for all Namibians,” he added.
Deputy governor of the BoN, Leonie Dunn, said the MoU would foster economic development.
“Through this memorandum of understanding, we are not merely committing to a partnership on paper, but to a shared vision of fostering economic growth, supporting sustainable development, and addressing developmental challenges in Namibia,” Dunn said.
The MoU will be effective for three years from the date of signature.