31 August 2012

Namibia: Bank Spends N$4 Million On Social Projects

Bank Windhoek says it spent almost N$4 million as part of the bank's Corporate Social Investment during the last financial year ended 30 June 2012.

The bank invested over N$3.8 million in socio-economic development and welfare programmes through its Social Investment Fund, which was established in 2002. The fund focuses on three main areas namely education, entrepreneurship/job creation and health.

The budget for the social investment fund is determined according to the guideline of 1% after tax profit.

"Bank Windhoek understands that it operates in an environment in which it is dependent on its stakeholders and therefore needs to build, nurture and maintain good relationships with its stakeholders by investing back in the community that it operates.

"Bank Windhoek will, therefore, remain committed to being a responsible corporate citizen and will continue to contribute to the socio-economic development of the country through the various social and community based projects", says Riaan van Rooyen, Head, Corporate Communication and Social Investment at Bank Windhoek.

Over the years Bank Windhoek has moved away from ad hoc funding of projects to a more strategic approach through the formulation of working partnerships with beneficiaries.

"Bank Windhoek believes that, in order to create meaningful partnerships, it needs to work together with each beneficiary project to ensure successful sustainability of the projects. It also encourages the creation of synergies amongst its beneficiaries so that the projects themselves can learn to work together to avoid duplication. This also ensures that there is wider reach of the targeted beneficiaries, whilst creating efficiencies with available resources." he added.

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