The Development Bank of Germany and Development Bank of Namibia have signed a loan agreement amounting to about N$ 455 million to support non-agricultural Small and Medium Enterprises that have experienced significant losses of income due to the COVID-19 pandemic. The Namibia press agency reports that the loan will be used to refinance DBN’s non-agricultural small business loan scheme which forms an integral part of the Ministry of Finance’s economic stimulus and relief package to mitigate the impact of COVID-19 and, though the DBN will, through its normal SME lending window, give attention to start-ups, the overwhelming priority for the relief measure loans will be to preserve business continuity and hopefully, preserve jobs.
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