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Debmarine Namibia’s new mining vessel to boost economic growth

The vessel will be used for marine diamond recovery operations off the southern coast of Namibia.

Mining vessel Debmar Atlantic, another vessel acquired with financial support from Standard Bank. Picture: debmarinenamibia.com

Debmarine Namibia's diamond recovery operations are set to be boosted following an agreement with Standard Bank that will enable it to acquire a new mining vessel.

Standard Bank will participate in the largest commercial transactional deal this year for the vessel which will be used for marine diamond recovery operations off the southern coast of Namibia, in the Atlantic 1 mining licence area.

The combined contribution by the five commercial banks is N$5.6 billion or 80% of the total AMV3 acquisition, of which Standard Bank’s contribution to the transaction amounts to N$1.5 billion.

The vessel will be the third acquired with financial support from Standard Bank, the others being the SS Nujoma which was acquired in 2016 and for which Standard Bank provided a loan facility of N$900 million, and the MV Mafuta, towards which the bank provided a loan of N$2 billion.

The new vessel, once operational, is expected to create more than 160 new jobs which underscores the bank’s commitment to play an active role to create opportunities for economic growth and employment creation in the country.

At the signing ceremony, Standard Bank chief executive Vetumbuavi Mungunda emphasised the importance of corporate entities working together to find joint solutions to challenges. He also appreciated the partnership with Debmarine Namibia which led to the financing of the transaction to acquire the vessel and the two previous others.

Mungunda also highlighted the importance of public private partnerships and called on government to look at more similar collaborations between the public and private sectors as a catalyst for national growth.

The new vessel is being constructed in Romania and is set to start operations in 2022.

Click here to read more from the Inclusive Growth archive.

Click here to return to the 54 and 1 portal - brought to you by Standard Bank.

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