Deputy minister commends youth empowerment initiative

Deputy youth minister Emma Kantema-Gaomas has said the poor performance of the economy is a reminder of the harsh reality of Namibia’s unemployment rate, which stands at 46,1%, of which 33% are the youth.

She said this at a First National Bank of Namibia event in Windhoek on Monday, where the bank reaffirmed its commitment to the small and medium enterprises (SMEs) sector.

Kantema-Gaomas said the youth make up a significant part of the population in Namibia and hold the key to economic prosperity.

“I commend FNB for their dedication to creating an enabling environment for young entrepreneurs to thrive, thus, contributing towards employment creation, entrepreneurship development and SME-driven economic growth at the back of the youthful demographic dividend so that young Namibians can assume their rightful place in building a united, inclusive and prosperous Namibia,” she said.

Speaking at the same event, FNB Namibia commercial banking officer Sepo Haihambo said the SME Score Credit has helped many small and medium enterprises (SMEs) access credit and improve their creditworthiness.

“From the day we launched the SME Economic Recovery Loan Scheme, we have approved about N$50 million worth of loans, this is how serious we are in growing the economy, employment creation and sustaining jobs,” Haihambo said.

FNB will continue to prioritise the provision of the SME Economic Recovery Loan Scheme, as a default term lending solution, for clients with an annual turnover of up to N$60 million, Haihambo said at the event.

She said FNB has already started paying out beneficiaries of the Bank of Namibia SME Recovery Loan Scheme, which will provide much-needed support to SMEs during challenging times.