The EIB, the bank of the European Union, has signed a EUR 7,5 million (N$ 113,5 million) credit facility with Trustco Group Holdings Limited, to finance small business and entrepreneurs in Namibia.

The European Investment Bank (EIB), the bank of the European Union, has signed a EUR 7,5 million (N$ 113,5 million) credit facility with Trustco Group Holdings Limited, to finance small business and entrepreneurs in Namibia.

At a ceremony held earlier today at Trustco Group Holdings Limited’s headquarters, the EIB, Europe’s long-term lending institution, signed the agreement with Trustco Group Holdings Limited.

“The European Investment Bank has a strong track record in supporting crucial investment programmes across Africa and around the world.” said Pim van Ballekom, European Investment Bank Vice-President. “We are glad to support Trustco Group Holdings Limited in continuing to provide loans to a crucial segment of the economy that has traditionally struggled with getting access to finance.”

“The Trustco Group remains committed to a vision of creating wealth for our shareholders, customers and employees while impacting positively on society and our planet. This facility will enable Trustco to contribute meaningfully to the aspiring citizens of Namibia, for whom I hold a great affinity to. By providing much needed loans that traditionally have been difficult to obtain, the Group will fully demonstrate its commitment to business and entrepreneurs.” said Dr. Quinton van Rooyen, Group Managing Director of Trustco.

This EUR 7,5 million (N$ 113,5 million) facility is expected to aid between 500 and 1000 SME businesses and individual local entrepreneurs throughout Namibia. As the EIB typically doesn’t finance more than 50% of any project, Trustco Group Holdings Limited will match this investment with other term funding and future injections of capital by the Group.

Apart from the Trustco Bank Namibia branches in Omuthiya, Ondangwa and Windhoek, interested parties can contact any IOL or Trustco Insurance branch for more information and loan applications.