Loan facility launched to tackle SDGs
Assistance for female and young entrepreneurs to boost access to affordable mentorship grants and debt financing.
STAFF REPORTER
WINDHOEK
The United Nations Development Programme this week launched a multi-sectoral financial product it hopes will contribute to achieving the UN's sustainable development goals.
The facility was launched in collaboration with the ministry of industrialisation and Standard Bank.
Reflecting on the establishment of the facility, minister of industrialisation Lucia Iipumbu said it was apparent that new models of financing were needed to help meet the delivery of the SDGs.
“It has become clear that we need new models for financing and promoting social and environmental objectives. Fortunately, a significant shift appears to be under way on the frontiers of philanthropy and social investing, tapping not only philanthropy, but also private investment capital,” Iipumbu said.
According to Iipumbu, The SDG Impact Facility will be used to provide mentorship grants and debt financing to women and young people in business, social enterprises and micro, small and medium enterprises (MSMEs) to address one of the key challenges faced by them, which is access to affordable finance. “This will ensure the strengthening of the technical operations of local content development and driving the implementation of the country's Growth at Home strategy under the 2012 Industrialisation Policy,” Iipumbu said.
Alka Bhatia, the UNDP's resident representative, explained that the two-year pilot programme intends to reach 100 MSMEs with grant support coupled with business development support services offered by Empretec Namibia under the ministry of industrialisation.
Social impact
Standard Bank's executive for personal and business banking, Mercia Geises, said the facility would allow businesses to make a significant social impact.
“This facility allows MSMEs that have significant social impact but that cannot access funding from conventional lenders to grow into potential suppliers for local and regional value chains and become bankable companies in the process,” Geises said.
WINDHOEK
The United Nations Development Programme this week launched a multi-sectoral financial product it hopes will contribute to achieving the UN's sustainable development goals.
The facility was launched in collaboration with the ministry of industrialisation and Standard Bank.
Reflecting on the establishment of the facility, minister of industrialisation Lucia Iipumbu said it was apparent that new models of financing were needed to help meet the delivery of the SDGs.
“It has become clear that we need new models for financing and promoting social and environmental objectives. Fortunately, a significant shift appears to be under way on the frontiers of philanthropy and social investing, tapping not only philanthropy, but also private investment capital,” Iipumbu said.
According to Iipumbu, The SDG Impact Facility will be used to provide mentorship grants and debt financing to women and young people in business, social enterprises and micro, small and medium enterprises (MSMEs) to address one of the key challenges faced by them, which is access to affordable finance. “This will ensure the strengthening of the technical operations of local content development and driving the implementation of the country's Growth at Home strategy under the 2012 Industrialisation Policy,” Iipumbu said.
Alka Bhatia, the UNDP's resident representative, explained that the two-year pilot programme intends to reach 100 MSMEs with grant support coupled with business development support services offered by Empretec Namibia under the ministry of industrialisation.
Social impact
Standard Bank's executive for personal and business banking, Mercia Geises, said the facility would allow businesses to make a significant social impact.
“This facility allows MSMEs that have significant social impact but that cannot access funding from conventional lenders to grow into potential suppliers for local and regional value chains and become bankable companies in the process,” Geises said.
Comments
Namibian Sun
No comments have been left on this article