Bank launches civil society needs foundation

Standard Bank has launched a foundation that will sponsor community projects, as the financial institution endeavours to show the importance of social investment. The foundation, whose Patron is Deputy Prime Minister Dr Libertina Amathila, was launched this week at the Windhoek Country Club.

The Standard Bank Managing Director, Theofelus Mberirua (left) with the Chairperson of the bank's Board of Directors, Dr Leake Hangala, at the launch of the Standard Bank Foundation this week.

Officially inaugurating the foundation, President Hifikepunye Pohamba said he hopes that the foundation is an initiative that shows entrepreneurs how to stand up for themselves, help themselves and also how to assist others. Standard Bank's managing director, Theofelus Mberirua said ,“We called on Dr Amathila to become part of the committee as her valuable insight, expertise and knowledge of the communities and their needs cannot be underestimated.” Pohamba said, “I commend Standard Bank for their generosity and wish to urge the recipients of the funds to use them wisely for the benefit, not of a few, but all who are entitled to such benefits. “This generous assistance must be used to strengthen your projects in order to ensure future sustainability.”
Dr Leake Hangala, the Chairman of the Board said the aim of the bank has always been to be “a non-exploitative and socially responsible bank” through its core business practices and support of community programmes aimed at improving the societies within which it operates.

“We are committed, therefore, not only to the promotion of economic development but also to the strengthening of civil society and human well-being,” said Hangala.
Dr Hangala called on all SMEs and black empowerment initiatives to contact the bank for assistance in pushing the country forward. Pohamba said that the concept of corporate social responsibility has gained broad acceptance over the years, as private sector institutions have started to allocate substantial amounts of resources to assist poor communities to improve their living conditions. The Standard Bank board of trustees has asked the bank to commit an amount annually for education, health, science, technology and energy and also commerce.

“I believe that we will succeed in making Namibia a better place for all through hard work and strategic partnerships that promote economic growth through local production of high qualities goods, the export value added products and the provision of efficient vital services,” said Pohamba. He added, “The issue of poverty alleviation is very close to my heart. I believe that we must work harder to address, not only the effects of poverty, but more importantly, the root causes. This means that giving our people the means, the tools and the capacity to eradicate poverty in their localities. This further implies that the people should be given, not the fish, but the rods, the hooks and the sinkers, to catch their own fish.”

He stated that the government has adopted this approach in practical terms and is also planning to implement a new economic initiative by establishing an Economic Development Belt across the rural areas.