(Ecofin Agency) - Development bank of Namibia (DBN) raised N$291 million ($21.99 million) during its first fundraising campaign on local financial markets.

DBN, whose major shareholder is the Namibian government, is satisfied with the results as their expected target was between N$200 and 300 million. This fundraising received 26 subscriptions offers from 13 Namibians and South African investors.

The bonds whose deadline is set to 2020 will allow DBN to diversify its funding sources and increase its stocks for future investment needs.

The bond issuances fall within the framework of DBN’s goals to mobilize N$2.5 billion for profitable projects that meet environmental and social standards.

Chamberline Moko