NWR clears N$93.8m debt

October 26, 2023 1127

Namibia Wildlife Resorts (NWR) has turned around its fortunes, enabling it to pay off its debt of N$93.8 million before its financial year ends next week.

"The company is debt-free after successfully settling all its outstanding long-term and statutory debts, some of which trace back to its foundation. The debts included financial obligations to both development financial institutions and commercial funding organisations, posing a long-standing financial challenge for the company," said NWR spokesperson Nelson Ashipala.

The amount paid includes about N$43 million NWR owed to the Namibia Revenue Agency in taxes.

Meanwhile, NWR managing director Matthias Ngwangwama said he was happy with the hospitality entity's accomplishment. He acknowledged that long-term debts had been a persistent challenge since the company's inception.

"I thank the team for their unwavering commitment to sustainability. I am excited that we were able to pay off our long-term and statutory debts just two years after the COVID-19 outbreak, which nearly devastated the tourism industry. This accomplishment means that we can now allocate the revenue generated from our operations to other essential requirements, such as maintenance, employee training and development," said Ngwangwama.

"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 added.

Namibia Wildlife Resorts (NWR) is a government owned hospitality provider, offering a diverse portfolio of lodges and resorts, while promoting sustainable tourism and preserving Namibia's natural heritage.

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Last modified on Friday, 27 October 2023 16:16

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