WINDHOEK: The Namibia Wildlife Resorts (NWR) has declared itself debt-free, having successfully settled all outstanding long-term and statutory debts, some of which date back to the company’s inception.
The debt comprised obligations to both development financial institutions and commercial funding agencies, providing the corporation with a long-standing financial issue. Furthermore, NWR has paid up all statutory debts, including back taxes owed to the Namibia Revenue Agency.
The total amount owed was N.dollars 93 844 091.25.
NWR Managing Director Matthias Ngwangwama in a statement on Thursday said long-term debt has been a chronic challenge since the company’s foundation.
“I am ecstatic that we were able to pay off our long-term and statutory debts only two years after the Covid-19 outbreak, which nearly destroyed the tourism industry. This achievement means that we can now allocate the revenue generated by our operations to fund other critical requirements in the future, such as maintenance and personnel training and development,” he boasted.
He added that NWR’s success in becoming debt-free marks a significant turning point in its financial history and sets the stage for a future of financial stability and growth.
The company remains dedicated to promoting sustainable tourism in Namibia and looks forward to continuing its positive impact on the country’s economy and natural heritage, he said.
Source: The Namibia Press Agency