Development Bank of Namibia (DBN) has recovered N$500 million of its DBN23 bond, marking the completion of a series of three amortising fixed-rate bonds issued in 2018.
This accomplishment, as highlighted by Jerome Mutumba, Executive for Marketing and Corporate Communication at the bank, underscores DBN’s unwavering dedication to supporting Namibia’s growth and prosperity through responsible financing.
The journey towards redemption began for DBN in 2018 with the issuance of three bonds: DBN20A1 in February, DBN20B in March and DBN23 in December.
These bonds collectively raised an impressive N$500 million, strategically allocated to fund various developmental projects across the nation.
On the bond issuances, Mutumba stated that DBN20A1, the first of the three, was issued in February 2018, raising N$140 million followed by DBN20B in March 2018 and raised N$70 million while DBN23, was issued in December 2018, successfully raising N$290 million.
“DBN20A1 and DBN20B were both fully repaid in February and March 2023, respectively, while DBN23 reached its maturity in August 2023, marking the conclusion of this bond series,” he said.
DBN Chief Executive Officer of DBN John Steytler expressed satisfaction with the bank’s financial management.
“Successfully repaying bonds is always a significant milestone. It instils confidence in our investors and reflects positively on DBN’s financial health and effective management,” said Steytler.
He added that the bank’s commitment extends to its twin mandate, focusing on developing sustainable investment methods and facilitating private sector participation in financing Namibia’s development. The funds raised through these bonds have played a pivotal role in supporting a diverse range of developmental projects, creating a tangible impact on Namibia’s overall growth and prosperity.
Furthermore, Steytler emphasised DBN’s progress in sustainability financing, exemplified by the launch of its inaugural Sustainable Finance Framework in April 2023. The bank is currently in the advanced stages of arranging its debut sustainability bond under this framework, demonstrating its steadfast dedication to responsible financial practices.