There was a need to offset the adverse negative market sentiment created in the international capital markets due to the downgrading of India’s sovereign rating to non-investment grade. This could be done by demonstrably raising debt resources at a cost lower than that any organised financial intermediary was prepared to provide in the context of the rating downgrade.
*  *  *  Director of Ceremonies Mr. Erastus Hoveka, Chairperson of the Bankers Association of Namibia Mr. Paul Hartmann, Chairperson of Payments Association of Namibia Members of PAN Management Council Banking industry and Payments Service Providers, present here Members of the Media Distinguished Invited Guests, Ladies and Gentlemen, I am pleased to join you in witnessing and celebrating the official opening of the office of the Payments Association of Namibia, PAN.