The Bank of Namibia and the Development Bank of Namibia (DBN) have partnered up to drive economic development.

The two banks signed a memorandum of understanding (MoU) on Monday in what they called a commitment to fostering economic growth and sustainable development.

"By leveraging our combined resources and expertise, we aim to create a robust financial ecosystem that supports innovative projects, empowers small and medium enterprises and drives inclusive economic progress," says DBN chief executive John Steytler.

The MoU outlines a framework for collaboration on initiatives that promote economic growth, including sharing data, conducting joint research and organising economic seminars.

Central bank deputy governor Leonie Dunn says that through the MoU, the entities are working towards addressing developmental challenges in Namibia.

"Our collaboration embodies the spirit of unity and progress, as we leverage our combined expertise to strengthen the resilience of our economy and deliver meaningful impact," says Dunn.

The agreement will be effective for three years.