No - the render will only cover and seal the damp short term, the render will blow and fall off and the damp will still be there. You will need to find the cause of the damp which may be a number of things.
Hope this is of some help.
Colin.

it can stop it. if you use water proofer in the mix. but it depends on whats causeing the problem. if its from above its usally the gutters are blocked,broken. if its from the ground it could be a dampproof problem. roy.

You need to find the cause of the problem before the solution can be applied. Bad pointing, rising damp and leaking gutters can all cause this. I recommend that all of the above be investigated. A damp meter can be purchased from B & Q for little or nothing and a set of ladders can see if the gutters are leaking and a quick look at the pointing will offer you a lot of info. Try the water hose test, it works.

Find the cause of the damp and fix, Then seal with aqua seal or similar then render with waterproofer aswell many thanks Sean

Colin is right ,you need to stop the damp from coming in/up before you render and let the walls dry out /if you render on damp brick or block work it will blow back off.