Trinity is pleased to announce that it acted for the African Development Bank on its first private sector loan in Namibia to help improve access to finance and open doors to education which has been signed in Windhoek this afternoon. Trinity advised African Development Bank on all aspects of the financing arrangements for a loan of ZAR 65 million to Trustco Finance to support its student lending program in Namibia. Concurrently, Trinity also advised DEG and Proparco on the financing arrangements for a loan to Trustco Finance of ZAR 50 million each and advised IFC on aspects relating to their existing financing to Trustco Finance.
These financing arrangements are expected to enable Trustco Finance to provide more than 10,000 new micro-loans to Namibian students to further their education at Trustco’s distance-learning education institution, the Institute for Open Learning. Furthermore, the loans are expected to benefit those living in the rural areas of Namibia as well as women. Moreover, since a significant portion of the loan borrowers are expected to be teachers seeking to improve their qualifications, this loan will help to improve the overall quality of Namibia’s education system.