DBN millions support youth projects

The Development Bank of Namibia (DBN) approved N$6.9 million for youth entrepreneurship project financing in the Kunene region during the 2019/20 financial year.The construction sector has the largest portion of approvals of N$5.3 million in the region, according to the DBN’s regional manager designated to Kunene South, Simeon Kahona.This is followed by the wholesale and retail trade sector with N$1.6 million.Kahona urged the youth to apply for project funding as only a handful of youth is applying on a yearly basis.CHALLENGES“During the 2019/20 financial year we received 11 applications from Kunene to the value of about N$38 million. However, the applications received are quite diverse ranging from business services, retail, tourism, construction and transport, and logistics,” he said.He added that most challenges the DBN office has noted from the side of applicants are based on lack of proper market research, information gap, a difference in information and understanding of the business by the applicant and what is in the business plan.Some of the challenges include business plans minimal input from the applicant by consultants. “The youth should take time for research and venture into projects which will benefit them greatly,” Kahona said. - Nampa

DBN millions support youth projects

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DBN millions support youth projects

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