OM launches three new funds

IT is vital that the indigenous people of Namibia become part of the major institutions driving the economy, Brian Molefe, CEO of the Public Investment Corporation (SA), said in Windhoek yesterday.

He added that it was within Government’s right to demand that five per cent of the assets of Namibian retirement funds and life insurance companies be invested in private equity in the country to curb capital outflow. Molefe said Namibians should be able to reap the benefits of waging a war for independence by becoming significant and important economic players.”The economic empowerment of the indigenous people of this continent and the redefinition of the African agenda in the new global socio-politico and economic order is the most important task in the defence of the revolutionary gains made in the struggle against colonialism and apartheid in Namibian and the rest of the continent,” said Molefe.He warned that if Namibia did not ensure a meaningful economic empowerment of its people, then the ‘revolution’ would be hijacked and manipulated by others with their own agendas.Molefe was speaking to those who gathered to hear about Old Mutual’s new funds at a local conference centre Old Mutual Investment Group Namibia and NedCapital Namibia launched three new funds meant to drive economic development.The companies would not say how much capital would be dedicated to the funds, but that initial seed capital would be raised and an amount was yet to be determined by Old Mutual and NedCapital.Old Mutual’s Lelanie Basson confirmed to The Namibian that the funds were up and running, and proposals seeking investment would be funded per individual assessment.The general private equity, mining and expanded infrastructure funds will seek to invest in unlisted companies which have proved themselves viable under reputable management.The expanded infrastructure fund will run alongside the current Old Mutual Midina Fund.Ten projects with a total value of N$244 million have been funded the Old Mutual Midina Fund – which provides debt funding for infrastructure development projects – since its launch in 2003.These include the Ongwediva Medipark private hospital, upgrading of various Namibia Wildlife Resorts facilities, and the Rehoboth Medical Centre.Addressing the gathering, Old Mutual African Operations MD Johannes !Gawaxab said mining investments would include advanced stage exploration projects with inferred or indicated deposits.He said the funds aimed at increasing equity in the domestic economy, key to job creation and promoting the SME sector.”The three funds provide investors and retirement funds with additional investment opportunities, contributing to the deepening of capital markets and enhancing the competitiveness of Namibia,” he said.Molefe said Namibians should be able to reap the benefits of waging a war for independence by becoming significant and important economic players.”The economic empowerment of the indigenous people of this continent and the redefinition of the African agenda in the new global socio-politico and economic order is the most important task in the defence of the revolutionary gains made in the struggle against colonialism and apartheid in Namibian and the rest of the continent,” said Molefe.He warned that if Namibia did not ensure a meaningful economic empowerment of its people, then the ‘revolution’ would be hijacked and manipulated by others with their own agendas.Molefe was speaking to those who gathered to hear about Old Mutual’s new funds at a local conference centre Old Mutual Investment Group Namibia and NedCapital Namibia launched three new funds meant to drive economic development.The companies would not say how much capital would be dedicated to the funds, but that initial seed capital would be raised and an amount was yet to be determined by Old Mutual and NedCapital.Old Mutual’s Lelanie Basson confirmed to The Namibian that the funds were up and running, and proposals seeking investment would be funded per individual assessment.The general private equity, mining and expanded infrastructure funds will seek to invest in unlisted companies which have proved themselves viable under reputable management.The expanded infrastructure fund will run alongside the current Old Mutual Midina Fund.Ten projects with a total value of N$244 million have been funded the Old Mutual Midina Fund – which provides debt funding for infrastructure development projects – since its launch in 2003.These include the Ongwediva Medipark private hospital, upgrading of various Namibia Wildlife Resorts facilities, and the Rehoboth Medical Centre.Addressing the gathering, Old Mutual African Operations MD Johannes !Gawaxab said mining investments would include advanced stage exploration projects with inferred or indicated deposits.He said the funds aimed at increasing equity in the domestic economy, key to job creation and promoting the SME sector.”The three funds provide investors and retirement funds with additional investment opportunities, contributing to the deepening of capital markets and enhancing the competitiveness of Namibia,” he said.