Paratus Telecom agree N$98m DBN loan

Paratus Telecom has today agreed a debt financing loan with Development Bank of Namibia (DBN) worth N$98m.

The deal, which is the biggest information, communication technology (ICT) deal of its kind in Namibia will go toward the development of ICT infrastructure in Namibia. Chief Executive Officer of the Paratus Telecom Group, Barney Harmse said, “We feel the time is right for this to happen.

ICT in Namibia finds itself in a bit of turmoil. The terms offered by DBN were very attractive to us and we feel we can do something constructive with it.” He further said that the deal is an opportunity to revolutionise the ICT industry moving forward with a one-stop shop for total ICT services.

“Our company has shown reasonable success over its 13 year history with piece meal finance. With DBN’s help we will take the same recipe we applied at a smaller level to cater for more.” Meanwhile shareholder and Director of Paratus Telecom, John Walenga said, “It is the mandate of DBN to finance initiatives likes this. It is in alignment with Vision 2030 and it is clear that IT is the future.”