Chamwe Kaira
The National Youth Development Fund (NYDF), launched in September, has disbursed N$14.78 million to 42 startups, executive director in the Ministry of Finance Michael Humavindu has revealed.
The fund is capitalised at N$500 million, with N$257 million available for the current financial year.
It is being implemented by the Development Bank of Namibia (DBN), Agribank and the Environmental Investment Fund (EIF) to close financing gaps for youth-led enterprises.
Humavindu said that the NYDF’s growth includes a way to lend money through Development Finance Institutions, a fund at the Bank of Namibia to keep it going long-term, and a program to help with mentoring, business growth, and starting new businesses.
“It is a demonstration of the government building a platform for jobs, not just a programme. In the same spirit, public finance reforms are increasingly tied to the real economy. We are now looking at budgeting not only through the lens of fiscal balance, but also through its ability to support productive sectors and build domestic productive capacities. Equally, the utilisation of instruments such as the PPP will be of paramount importance,” he said.
He made the remarks during a public discussion hosted by the Economic Association of Namibia (EAN) and the Hanns Seidel Foundation in Windhoek under the theme, The Jobless Growth Puzzle: Can Namibia Unlock Inclusive Prosperity?
Humavindu stated that the problem of jobless growth is fundamental to Namibia’s socio-economic development, as growth without employment does not enhance livelihoods and dignity.
He stressed the need to strengthen economic governance institutions, implement collaborative financial instruments for MSMEs and informal enterprises, and align strategies and regulations to drive inclusive growth.
“That is why, as a government, we are prioritising institutional and infrastructure development, strengthening and collective committal implementation of appropriate policies and strategies, and legal and regulatory instruments,” he said.
He added that the economy needs to start creating value domestically in order to generate local jobs.
“This is also being supported by our development partners. For example, the former Ministry of Industrialisation and Trade, through funding from the EU Delegation, implemented a project that focused on improving the legal and regulatory environment of trade and business, enhancing value chain development, enhancing information for policymaking and improving support to business development and the implementation of the above interventions leads to economic growth, structural transformation and job creation,” he said.
The event brought together senior policymakers, private sector leaders, academics, and civil society representatives.
In her opening remarks, EAN board member Grace Mohamed said the engagement followed the organisation’s successful oil and gas conference and aimed to spark thought-provoking discussions among sector leaders.
“This is the second-to-last intervention for the year, right after the successful oil and gas conference, whereby we intend on doing business-to-business. We have invited thought leaders in their specific sector to allow thought-provoking discussions to think about,” she said.
International Labour Organization (ILO) senior employment specialist for Eastern and Southern Africa, Jealous Chirove, presented on jobless growth, highlighting Africa’s demographic challenges.
“Africa is home to more than one billion people and half of whom will be under 25 years old by 2050. The population is expected to double by 2050 to 2060. Africa has the youngest population in the world, with an average age of just 19 years. The key challenge of growth in the number of jobs is mainly due to the absence of productive and decent employment opportunities. Africa also has structural barriers that it faces,” he said.
Caption
From left to right: Michael Humavindu, Jealous Chirove, Hileni Stefanus, Denis Yuni, Clemens von Doderer and Grace Mohamed.
