SME Bank needs fixing - Alweendo

ECONOMIC planning minister Tom Alweendo yesterday admitted that the SME Bank is not doing what it is intended for.

He said this during a business breakfast meeting on the Harambee Prosperity Plan (HPP) in Windhoek which was organised by the Namibia Chamber of Commerce and Industry (NCCI). The HPP was launched by Presi­dent Hage Geingob on Tuesday during his second State of the Nation Address in parliament. Alweendo said this in response to a question on how the government would fund small and medium enterprises since the Harambee plan rules out collateral, while the SME Bank does not give unsecured loans. According to Alweendo, fixing the bank does not mean giving it more money. This is the first time that a minister has openly spoken about the need to look at the matters at the SME Bank.