Namibian Prime Minister Saara Kuugognelwa-Amadhila on Sunday announced that the government has reserved certain projects for small-and-medium-sized enterprises (SMEs) to stimulate their participation in the economy.
The prime minister said the SMEs sector is a strong conveyor belt for economic emancipation for locals and also drives job creation among the youths.
Kuugongelwa-Amadhila said her government has taken the deliberate policy shift to empower SMEs to help them better cope with rampant competition from larger conglomerates and create the much-needed jobs.
According to the prime minister, the government released 266 million Namibian dollars ($18 million) to finance SMEs through the Development Bank of Namibia in the previous year alone.
Kuugongelwa-Amadhila said this initiative has created more than 300 permanent and part-time jobs.
Latest data from Namibia Statistics Agency showed that youth unemployment in the country stands at 44 percent.
She also added that intervention is needed to stimulate growth in the face of a prolonged recession, which has made the economic situation in Namibia very tough.
Koketso Ramorei is a journalist and news editor of SADC News with years of experience in a number of genres including sports, politics and community reporting. He has worked for a numerous publications including The Citizen Newspaper and is a former editor of a Johannesburg-based off-campus publication called The Waldorfian Times.