Standard Bank Namibia's CEO, Vetumbuavi Mungunda this week announced a capital and interest repayment holiday for up to 12 months to clients operating in the tourism sector, which has been hard hit by the COVID-19 outbreak.
Many local businesses have experienced a slowdown in demand for their services due to the worldwide outbreak of the contagious illness, with the tourism and hospitality sector hardest hit as tourists stay home because of travel bans, he said.
After an assessment of the impact of the COVID-19 pandemic, Standard Bank said it has become imperative to offer relief to clients impacted by COVID-19 with respect to their loan facilities.
The lender also extended relief to all its small and medium-sized clients with an annual turnover of less than N$10 million in the form of capital and interest repayment holidays for up to six months until 30 September.
"This will enable our clients to utilize their cash reserves to pay much-needed wages and necessary expenditure during the lockdown period," he said.