Namibia: 240 Start-Ups Receive Govt Funding

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To help ensure a lifeline to up and coming businesses, the industrialisation ministry initiated the Covid-19 start-up grants during phase one of the lockdown period resulting in 240 businesses benefiting from a total of 874 that applied.

The successful businesses received N$15 000 each.

About 42% of the applicants were female-owned start-up companies.

The second batch of Covid-19 grants is still ongoing, which will finance around 500 start-ups.

Industrialisation minister Lucia Iipumbu last week at the annual general meeting (AGM) of the Namibia Chamber of Commerce and Industry (NCCI) said a final key intervention is ensuring appropriate trading platforms for informal economic agents.

Iipumbu said this has been a pressing reality, given that informal economic traders operate in public spaces with minimal supportive infrastructure to ensure public health and a conducive environment to conduct their livelihoods.

The ministry is, therefore, exploring options to primarily identify alternative trading platforms for informal economic agents. This will be done in collaboration with other stakeholders by identifying requisite sites across Namibia that are conducive for trading.

This work will be a key foundation for the ministry towards the unveiling – for the first time, a National Policy on the Informal Economy Sector.

The new investment law that the ministry is in the process of drafting once finalised will address investor performance requirements, restrict economic subsectors to foreign investors, make investor registration compulsory and introduce a crucial aspect of investor tracking and management, as well as clear guidelines for investor dispute procedures.…

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