Namibia - Trustco Finance


Project Summary

Approval Date 07 Dec 2011
Signature Date 05 Oct 2012
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 3,116,937.92
Status Implementation

Project General Description

The project is a Corporate Loan of 65 million South African rand (ZAR), with a 7-year tenor, for the purpose of supporting the student lending program of Trustco Finance, a wholly-owned subsidiary of Trustco Group Holdings Ltd. Beneficiary students are enrolled with the Institute for Open Learning (IOL), which is also a wholly-owned subsidiary of Trustco. IOL is Namibia’s largest private distance learning education institution while Trustco Finance, through the provision of microloans, ensures that all of IOL’s students can pursue their education without the burden of financial constraint. The project aligns well with the CSP for Namibia which emphasizes the importance of providing support for the development of critical capacity in government, private sector and civil society through access to credit and trainings.

Project Objectives

The project objective is to support the student lending program of Trustco Finance a wholly-owned subsidiary of Trustco Group Holdings Ltd. Therefore, it is expected to contribute to producing citizens who are capable of making Namibia a knowledge-based economy as is set out in the country’s Vision 2030.

Beneficiaries

The main beneficiary of the project is "Trustco Finance". The beneficiaries of loans granted by Trustco Finance are: (i) students, (ii) government employees, including teachers, (iii) salaried employees in the private sector, (iv) self-employed workers, and (iii) (v) unemployed persons.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NA-HB0-001
Last Update 31 Oct 2019

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Namibia
Coordinates Location Name
-22.5594 17.0832 Windhoek