AfDB to study projects
The African Development Bank (AfDB) might provide some N$3 billion for the 2018/19 financial year if it is satisfied with the infrastructure projects the government will present.
The African Development Bank (AfDB) will after due consideration make a decision as to whether it will avail N$3 billion for infrastructure projects.
This follows an announcement by the ministry of finance that it had secured a programme based operation loan of N$6 billion, with the first tranche totalling N$3 billion already released to the ministry out of an envisaged N$6 billion.
Providing clarity on the matter, finance minister Calle Schlettwein said: “What was approved by the board [of the AfDB] on 10 May 2017 is the first tranche of N$3 billion of the Programme-based Operation for the financial year 2017/18, out of the envisaged amount of N$6 billion over a two-year period. The remaining tranche of N$3 billion for the Programme-based Operation, and the envisaged total amount of N$4 billion for infrastructure financing over a two-year period, will be considered by the [AfDB's] board on a case basis during the ensuing period.”
Wide ranging media reports suggested that the AfDB had provided a loan totalling N$10 billion of which N$4 billion would be geared toward financing the fiscal deficit while the remainder would be channelled toward infrastructure projects of which tranches equalling N$3 billion would be made available in the current financial year and the remainder in the proceeding financial year [2018/19].
Explaining the rationale behind providing the loan facility, the AfDB vice-president Charles Boamah said: “The Economic Governance and Competitiveness Support Programme (EGCSP) is designed to address emerging vulnerabilities undermining macroeconomic stability and support the Government's ongoing bold structural reforms aimed at driving long-term job creating growth and reducing income equality.”
The EGCSP was well received by the AfDB's board that commended the quality of the operation and was satisfied with the Namibian government's strong commitment to the implementation of reforms.
The programme will support the strengthening of public financial management and improve the quality and efficiency of public sector spending, while laying a solid foundation for industrialization through support to critical business environment reforms, Boamah said.
Meanwhile, the board of directors of the AfDB on an earlier visit this year had said: “Namibia is increasingly becoming an active beneficiary of the Bank's projects with an ambitious portfolio to strengthen the country's aspiration to be a top emerging economy in the southern region. The country envisages becoming a regional transport logistics hub given its growing potential in the transport sector.”
OGONE TLHAGE
This follows an announcement by the ministry of finance that it had secured a programme based operation loan of N$6 billion, with the first tranche totalling N$3 billion already released to the ministry out of an envisaged N$6 billion.
Providing clarity on the matter, finance minister Calle Schlettwein said: “What was approved by the board [of the AfDB] on 10 May 2017 is the first tranche of N$3 billion of the Programme-based Operation for the financial year 2017/18, out of the envisaged amount of N$6 billion over a two-year period. The remaining tranche of N$3 billion for the Programme-based Operation, and the envisaged total amount of N$4 billion for infrastructure financing over a two-year period, will be considered by the [AfDB's] board on a case basis during the ensuing period.”
Wide ranging media reports suggested that the AfDB had provided a loan totalling N$10 billion of which N$4 billion would be geared toward financing the fiscal deficit while the remainder would be channelled toward infrastructure projects of which tranches equalling N$3 billion would be made available in the current financial year and the remainder in the proceeding financial year [2018/19].
Explaining the rationale behind providing the loan facility, the AfDB vice-president Charles Boamah said: “The Economic Governance and Competitiveness Support Programme (EGCSP) is designed to address emerging vulnerabilities undermining macroeconomic stability and support the Government's ongoing bold structural reforms aimed at driving long-term job creating growth and reducing income equality.”
The EGCSP was well received by the AfDB's board that commended the quality of the operation and was satisfied with the Namibian government's strong commitment to the implementation of reforms.
The programme will support the strengthening of public financial management and improve the quality and efficiency of public sector spending, while laying a solid foundation for industrialization through support to critical business environment reforms, Boamah said.
Meanwhile, the board of directors of the AfDB on an earlier visit this year had said: “Namibia is increasingly becoming an active beneficiary of the Bank's projects with an ambitious portfolio to strengthen the country's aspiration to be a top emerging economy in the southern region. The country envisages becoming a regional transport logistics hub given its growing potential in the transport sector.”
OGONE TLHAGE
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