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Nedbank fosters Namibia’s economic recovery

The country’s manufacturing sector contracted 30.8 percent in the second quarter

Namibia recorded an 11.1 percent contraction in the second quarter and is expected to slump 7.8 percent by the year-end, media reports said. The reports predicted by Bruce Hansen, managing director at Simonis Storm indicate that Namibia’s GDP has been affected for the first time since 2016.

It is reported that the country’s manufacturing sector contracted 30.8 percent in the second quarter followed by a contraction of 8.5 percent in the first quarter. Furthermore, diamond processing slumped 51.5 percent in the second quarter. While the fishing industry recorded a 3.9 percent contraction in the first quarter. The reports also indicated that 5,000 job losses were recorded after the lockdown.

The tourism sector was walloped by the lockdown causing an unexpected economic downturn leading to a loss among car rental companies, tour operators, and other transport services including the telecom sector.

The country’s banking major Nedbank Namibia assisted its customers and staff during the lockdown to curb the spread of the virus. Furthermore, the bank floated a N$7.5 million package. The capital was used to provide personal protective equipment (PPE) for staff including those who worked remotely. The PPE included facilities such as transport, cleaning and sanitisation cost.

The bank also helped companies and other people and extended credit to account holders to foster the economy.

Martha Murorua, the bank’s managing director, told the media, “We also support economic development in the services, manufacturing and tourism sectors. Our adaptability and responsiveness enable us to deliver enhanced and innovative products, better client service and make a broader contribution to a sustainable Namibia.”

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