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The Development Bank of Namibia (DBN) and the World Bank have engaged to explore cooperation between the two development financiers. The focal point of the discussions revolved around the preparation of a technical background paper on the financial sector for the forthcoming Namibia Climate Change and Development Report.
DBN launched its Sustainable Finance Framework last year, intensifying its collaborations with bilateral and multilateral funders to bolster its climate finance endeavors. The framework, delineated into seven green and four social categories, aims to address environmental and social objectives aligned with climate change mitigation and social inclusivity.
Pioneering renewable energy finance models, such as for Ombepo Wind Farm, contributed to the DBN’s strong alignment with various international measures governing sustainable finance. This pioneering spirit and experience in the renewable energy sector will form the basis as the Bank aims to unlock new sectors such as green industrialization.
Since launching its Sustainable Finance Framework last year, the Development Bank has increased its engagements with bilateral and multilateral lending institutions to support its climate finance framework comprising seven green categories to help mitigate the impact of climate change. In addition to protection of the environment, the categories also include dimensions from the social sphere.
The DBN said in a statement that its financing of, for instance, renewable energy projects, aligns it with various international benchmarks that determine the basis of sustainability finance. The experience the bank obtained from its involvement in this specialist type of financing will form the basis of unlocking the potential of other sectors in so-called green industrialisation.
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DBN has a strong ambition to be the partner of choice for innovative development solutions in Namibia. By leveraging strategic development partnerships with other development finance institutions such as the World Bank, DBN will be able to achieve its vision, stated DBN’s Chief Executive, Dr John Steyler
