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Namibia: supporting high-impact SMEs with FNB Namibia
Project
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Signature date
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Location
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Namibia
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Financing tool
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Financing amount (Euro)
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4000000
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Financing details
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NAD 68,747,680 guarantee
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Customer
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FNB NAMIBIA
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Type of customer
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Financial institution
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Project number
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CNA1042/CZZ2137
This project is carried out with the support of the European Union and Organization of African, Caribbean and Pacific States (OACPS).
The content of this project information sheet falls under the sole responsibility of the Proparco and does not necessarily reflect the opinions of the European Union and the ACP Group. This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a EURIZ guarantee to FNB Namibia to support local SMEs.
Client presentation
First National Bank of Namibia Limited (FNB Namibia) is the largest commercial bank in Namibia and a longstanding partner of AFD Group.
Project description
The operation involves a EURIZ portfolio guarantee for NAD 68m (EUR 4m) to support First National Bank of Namibia Limited (FNB Namibia Ltd) with its activity of financing high-impact SMEs (agriculture, health, education, climate, etc.). The guarantee is combined with a technical assistance facility to provide the bank’s client SMEs with capacity-building support. The project is part of Choose Africa and the EURIZ guarantee benefits from support from the European Union and African, Caribbean and Pacific Group of States (ACP).
Technical assistance has also been provided to look at options for offering non-financial services (training, support) to FNB’s clients.
Project impact
By partnering with a local bank, AFD Group is contributing to strengthening financial markets. It is also playing a countercyclical role by increasing financing for players in the local economy that have to cope with the impact of the Covid-19 crisis. The project aims to promote the development of the local private sector for sectors and segments that are essential to the achievement of sustainable and inclusive economic growth.