According to the World Bank, Namibia is classified as an upper middle income country with a Gross Domestic Product (GDP) per capita of around US$5,700 at current exchange rates; since 30 September 2013.
“I could either rejoice or look at the inequities this statement conceals,” The President, Dr. Hage Geingob said whilst speaking at the 15th Bank of Namibia (BoN) annual symposium. He said the simple arithmetic used to reach this conclusion, without the current severe social imbalances being taking into consideration, is “baffling”.
The change in status for Namibia as a middle income country according to the World Bank, urged the board of GEN Namibia to establish it as a commercial entity in 2015 with social impact objectives and according to the pillars of GEN Global.
- Support startups, scale ups, existing entrepreneurial ventures,
- Understand the entire circle of entrepreneurship by building one entrepreneurial ecosystem
- Connect entrepreneurs, resources, research and all support systems for entrepreneurs
- Celebrate entrepreneurs by acknowledging them in the Namibian Business Hall of Fame for their contribution to the Namibian economy and ingenuity.
It will be difficult to attract grant funding and thus the opportunity to generate own income to sustain the operations.