In what is hailed as an enormous feat in the austere economic climate currently being experienced globally, the Group Deputy Chief Executive Officer of Trustco Group Holdings, Quinton Z. van Rooyen, announced that the group has managed to secure N$340 million from the German Government to assist with student aid and loans in Namibia.
Trustco earlier today issued a notice to shareholders in which the company announced that it successfully completed a debt restructuring process with its funders in the United States, Germany, and Switzerland.
QZ van Rooyen said that the group managed to negotiate excellent terms with regards to the debt of roughly N$1 billion.
“This is an enormous feat as we succeeded in negotiating repayment holidays of up to seven years with very good terms at the height of the Covid-19 pandemic.”
“This is an exceptional outcome for Trustco and we are very optimistic about the future,” Van Rooyen concluded.