EU bank grants Namibian SMEs 8.3 mln USD

The European Investment Bank (EIB), the bank of the European Union, on Tuesday signed a 7.5 million euros (8.3 million U.S. dollars) credit facility with Namibia's Trustco Group Holdings Ltd., to finance small business and entrepreneurs in the southern african country.

The credit facility is expected to aid between 500 and 1000 SMEs as well as individual local entrepreneurs.

Pim van Ballekom, EIB Vice-President, at the inking event in Windhoek, said the EIB has a strong track record in supporting crucial investment program across Africa and around the world.

"We are glad to support Trustco Group Holdings Limited in continuing to provide loans to a crucial segment of the economy that has traditionally struggled with getting access to finance," he said.

Quinton van Rooyen, Group Managing Director of Trustco, said the group remains committed to a vision of creating wealth for shareholders, customers and employees, and the facility will enable Trustco to contribute meaningfully to the aspiring citizens of Namibia,

Meanwhile, since the EIB typically does not finance more than 50 percent of any project, Trustco Group Holdings Ltd. will match this investment with other term funding and future injections of capital by the Group.

Since last year, the EIB provided more than 2.1 billion euros for investment across Africa. Endit