Namibia Wildlife Resorts Clears N.dollars 93 Million Debt, Declares Financial Independence

WINDHOEK — Namibia Wildlife Resorts (NWR) announced on Thursday that it has cleared all its long-term and statutory debts, becoming a debt-free entity. Some of these debts dated back to the company’s inception.

According to a new release by the Namibian Press Agency, the organization had been struggling with long-term debt as a perennial issue since it was established. The debts owed to development financial institutions and commercial funding agencies amounted to N.dollars 93,844,091.25. Ngwangwama stated that NWR has also settled all statutory debts, including back taxes owed to the Namibia Revenue Agency.

“Having cleared these debts only two years after the Covid-19 outbreak, which severely impacted the tourism industry, we can now focus our revenue on other critical areas such as maintenance and personnel training and development,” Ngwangwama said.

The managing director emphasized that becoming debt-free marks a crucial milestone in the company’s financial history. It lays the groundwork for a future of financial stability and growth.

Ngwangwama further noted that the company remains committed to fostering sustainable tourism in Namibia and aims to continue its positive influence on the nation’s economy and natural heritage.