Geingob urges banks to play role in economic development

BANKS have a major role to play in developing economies, which stretches beyond the usual commercial banking functions, President Hage Geingob said.

He made these remarks during a meeting with representatives of banking institutions at State House yesterday. Geingob said although Namibia has done well in the area of macroeconomic stability, it is lagging behind in other areas. Banks can contribute by promoting capital formation, as this will help accelerate the tempo of economic development. “We need to ensure that any dormant capital within our country is made available for productive purposes,” he stated. The President further said banks should also find innovative ways to finance trade and industry as well as economic transformation. He noted that in successfully implementing the Harambee Prosperity Plan, development plans and Vision 2030, banks can assist government by financing agriculture, employment−generating activities and especially youth enterprises.