AfDB lends $8m to help open doors to education, jobs in Namibia

The Board of Directors of the African Development Bank (AfDB) has approved a corporate loan of $8 million to Trustco Group Holdings Ltd to support the Trustco Finance student lending programme to improve access to education, employability and job-earning potential of high school graduates in Namibia.

Trustco Finance, a wholly-owned subsidiary of publicly-listed Namibian company Trustco Group Holdings, focuses on microfinance and micro-insurance in the education sector.

In a statement December 9, 2011, the AfDB said “selected students will be enrolled with Namibia’s largest private distance learning education institution – Institute for Open Learning while Trustco Finance, through the provision of microloans, will ensure that all the Institute’s students can pursue their education without the burden of financial constraint.”

Citing a 2005 World Bank report on Namibia, the lender said 60% of primary school teachers and 30% of secondary school teachers are unqualified.

Lack of access to finance is said to be denying many Namibians access to education, especially at tertiary level.

By Ekow Quandzie