GIPF calling local entrepreneurs BY AUGETTO GRAIG David Nuyoma has called on Namibian entrepreneurs to embrace opportunities created through massive local investment budget allocations made by the governmental pension fund, ensuring widespread economic emancipation and inclusive social development. “We don’t want to see the same names and the same towns,” he said of the need for more Namibian business people and local authorities to take advantage of development funding available. The Government Institutions Pension Fund (GIPF), the biggest institutional investor in Namibia, this week announced excellent results achieved from its investments for the quarter which ended in June. The fund now boasts market value of N$63,425 billion achieving a return of 7,23% over the preceding six-month period. According to chief executive officer David Nuyoma, the GIPF has remained resilient despite a global economic slowdown and the impact of the depreciating South African rand to which the Namibian dollar is linked. “We attribute this achievement to our strategy of changing to a specialist structure as opposed to maintaining balanced portfolios. This stra- tegy allowed us to select managers on the basis of skills and areas of strength while avoiding the risk of placing all our assets with a few managers purporting to be skilled in all areas,” he explained. Elaborating on the GIPF’s sometimes controversial unlisted investment portfolio, Nuyoma said that the fund is able to achieve sufficient forward momentum despite many challenges associated with the alternative asset class. By the end of June, GIPF had contributed N$2,3 billion towards the portfolio with over N$679 million already injected into various projects around the country. Significant amongst these was the injection of N$148 million into the Procurement Fund which provides short-term working capital for small and medium enterprises. GIPF also made N$51 million available for renewable energy initiatives such as Kongalend which provides loans for solar energy home installations. Over N$479 million has gone into property developments, including the Grove Mall being built in Windhoek, the Gwashamba Property Development in Ondangwa, and the Otjiwarongo Town Square. But the business leader feels that, “there is a lack of awareness about our unlisted investment policy among Namibian entrepeneurs. This concern impedes out objective to cast our net widely and ensure broad-based participation from Namibia’s business fraternity. In this regard we will be implementing a strategy to market and brand the unlisted investment policy.” Other GIPF news is that board chairperson Advocate Ellaine Samson has been re-elected to serve on for another year as head of the board. “Advocate Samson has been at the helm of our institution for the last two years as chairperson and under her leadership the fund performed remarkably well,” Nuyoma said. Elvis Nashilongo has also been promoted to general manager of marketing and corporate communication.
Posted on: Mon, 12 Aug 2013 12:40:14 +0000
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