馃嚦馃嚘NamibiaSouthern Africa
FNB Namibia and CPBN collaborate to enhance public procurement efficiency
via The Namibian3 min read
First National Bank FNB Namibia and the Central Procurement Board of Namibia CPBN have partnered to improve efficiency, transparency, and accountability in Namibia's public procurement system. During a recent stakeholder engagement in Windhoek, the institutions discussed the role of performance guarantees in public procurement and explored ways to reduce project implementation delays. FNB Namibia provided insights into the process of issuing performance guarantees, covering application requirements, credit assessment, and processing timelines. The discussion also addressed common challenges faced by bidders and best practices for more efficient issuance. Both institutions agreed on the need for closer cooperation between financial institutions and procurement authorities to resolve bottlenecks that can delay public projects. Leonard Hamunyela, FNB Namibia head of enterprise banking, stated that performance guarantees are crucial for economic participation, enabling businesses to engage in procurement opportunities with greater certainty and supporting the timely delivery of public sector projects. FNB views this engagement as part of its commitment to working with stakeholders to find practical solutions that support participation, growth, and strengthen Namibia's procurement value chain.
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This summary was AI-generated from a story originally published by The Namibian.
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