Companies in which foreign investors hold 75% or more of the capital are subject to local borrowing and other financial assistance limitations, except in relation to working capital finance.
"Definition of Terms
1. In these regulations, unless the context otherwise indicates -
"affected person" means a body corporate, foundation, trust or partnership operating in the Republic, or an estate, in respect of which -
(i) 75 per cent or more of the capital, assets or earnings thereof may be utilised for payment to, or to the benefit in any manner of, any person who is not resident in the Republic; or
(ii) 75 per cent or more of the voting securities, voting power, power of control, capital, assets or earnings thereof, are directly or indirectly vested in, or controlled by or on behalf of, any person who is not resident in the Republic; [...]
"financial assistance" includes the lending of currency, the granting of credit, the taking up of securities, the conclusion of a hire purchase or a lease, the financing of sales or stocks, discounting, factoring , the guaranteeing of acceptance of credits, the guaranteeing or acceptance of any obligation, a suretyship, a buy-back and a leaseback but excluding -
(a) the granting of credit by a seller in respect of any commercial transaction directly involving the passing of ownership of the goods sold from seller to purchaser; and
(b) the granting of credit solely in respect of the payment for services rendered;
[...]
RESTRICTION ON THE EXPORT OF CURRENCY, GOLD, SECURITIES, ETC., AND THE IMPORT OF SOUTH AFRICAN BANK NOTES
3. (1) Subject to any exemption which may be granted by the Treasury or a person authorised by the Treasury, no person shall, without permission granted by the Treasury or a person authorised by the Treasury and in accordance with such conditions as the Treasury or such authorised person may impose:-[...]
(e) grant any financial assistance to any person in the Republic, where as security for such financial assistance, the person granting the financial assistance in turn relies on any security, guarantee, undertaking or financial assistance, directly or indirectly furnished by:- (i) any person resident outside the Republic; or (ii) an affected person;
(f) grant any financial assistance to any person in the Republic, where such Person:- (i) is not resident in the Republic; or (ii) is an affected person.[...]" (Exchange Control Regulations, 1966)
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"22.0 Local financial assistance to affected persons
22.1 Introduction
Regulation 3(1)(e) and (f) prohibits the granting of local financial assistance to, and the acceptance of collateral from, affected persons. The party granting local financial assistance to non-residents or affected persons must obtain exemption from the provisions of the Regulations. It is, therefore, the lender's responsibility to establish whether or not a prospective borrower is an affected person or a non-resident.
22.2 Availing of local financial assistance
Business entities who are affected persons as defined below may apply to an Authorised Dealer for local financial assistance. 
An affected person means a body corporate, foundation, trust or partnership operating in Namibia, or an estate, in respect of which:
(a) 75 per cent or more of the capital, assets or earnings thereof may be utilised for payment to, or to the benefit in any manner of, any person who is not resident in Namibia; or
(b) 75 per cent or more of the voting securities, voting power, power of control, capital, assets or earnings thereof, are directly or indirectly vested in, or controlled by or on behalf of, any person who is not resident in Namibia.
There is no restriction on the amount that may be borrowed locally in instances where an affected person wishes to borrow locally from an Authorised Dealer to finance a foreign direct investment into Namibia or for domestic working capital requirements.
Where the funds to be borrowed are required for financial transactions and/or the acquisition of residential property in Namibia, a 1:1 ratio will apply, i.e. for every N$1 in cash or assets that a non-resident introduces or owns, such non-resident may borrow an equivalent amount in the local market. An Authorised Dealer must be approached for further details in this regard.
Financial transactions, inter alia, include the purchase and sale of any securities (listed or unlisted), repurchase agreements and any derivative transactions on securities. If facilities are granted for the acquisition of fixed property, such facilities may not be increased at any stage based on a revaluation of the property in question.[...]" (Bank of Namibia, Currency and Exchanges Guidelines for Business Entities, 2018)
Exchange Control Regulations, 1966
Bank of Namibia, Currency and Exchanges Guidelines for Business Entities, 2018
[<a href="https://www.bon.com.na/CMSTemplates/Bon/Files/bon.com.na/ad/ad4875ef-3cfa-414b-8c15-ba575c6b5cd8.pdf">Reg</a>],[<a href="https://www.bon.com.na/CMSTemplates/Bon/Files/bon.com.na/e2/e201f924-f0ee-4b17-bb0d-f285ebd1b131.pdf">Guideline</a>]