The new EIF green concessional loan facility for youth entrepreneurs wishing to undertake economically viable investments that integrate low carbon and climate adaptation instruments is expected to grow and deploy N$300 million in the 2024/2025 financial year.
This is contained in EIF’s annual report for the 2022/2023 financial year released last week.
“The establishment of the green credit facility enhances opportunities to attain sustainable financial growth and revenue diversification for the EIF. In order to achieve its investment objective, the facility will target investments that have the potential to have a tangible long-term impact on the lives and livelihood of rural communities, thereby unlocking significant economic activity and value.
“In addition, the facility will provide credit financing to individuals, small and medium enterprises, and farmers over loan terms ranging from 12 – 72 months, and invest in a range of other loan products designed to avail access to finance, and aimed at poverty alleviation, employment creation and rural development,” says EIF CEO, Benedict Libanda in the report.
He adds that the Fund remains confident that it is on the right track towards improving the living standards of Namibia’s people through deliberate Government interventions that put livelihoods at the centre of the development agenda, and to contributing to the overall attainment of the global commitment to the UN Sustainable Development Goals.
“We find ourselves at an opportune time when the global energy sector is directing its focus to new frontiers to address looming energy shortages. The Fund is strategically positioned to facilitate the latest developments in the energy sector and Namibia’s exploration and exploitation of comparative advantages across its energy sector, especially around the green hydrogen value chain, worldclass renewable energy resources and international carbon markets.
“Namibia is well positioned to become Africa’s energy hub and aspires to become the first carbon neutral country on the continent by 2040. We are certain that it will be able to leverage the energy sector, emerging investment opportunities and the various interventions being implemented to catalyse the attainment of Namibia’s bold ambitions to become the sustainable energy capital of Africa,” further highlighted Libanda.
Libanda went on to highlight that successful companies adapt to changing market conditions and technologies thus at the EIF, they recognise that change is necessary, given the ever-evolving industry.
“Our mantra going forward is to constantly strive for relevance, excellence and continuous improvement in response to customer demands. The enhancement of customer value will be underpinned by the various initiatives aimed at amplifying customer satisfaction levels and optimising sustainable growth in the environmental sector. It is critical that we operate efficiently, generate sustainable value, earn a return for our shareholder and ensure consistent, high-quality service delivery to our customers.
“We have embarked on various strategic initiatives to improve our sustainability and have implemented an across-the-board review of our operations to identify and address wastage and inefficiency. We aim to attain maximum efficiency of our resources. Our employees are our key stakeholders and most important assets, and they play a critical role in the realisation of our strategic objectives. We are working towards building institutional capacity through cultivating a high-performance culture and creating a sustainable talent pipeline. This will, in turn, enable us to improve our customer service capacity and quality,” he said.