Development agency to start soon
The establishment of the Namibia Development Agency (NIDA) is progressing well and operations are expected to start this year still.
This is according to the spokesperson for the ministry of trade, Elijah Mukubonda.
The NIDA Bill was passed by parliament in November 2016.
“NIDA will be an amalgamation of both the Namibia Development Corporation (NDC) and the Offshore Development Company (ODC), taking both their regulatory as well as operational mandates while developing an equity development finance mandate to lead pioneering investment in the industrial sector of the country. Operationalisation of NIDA is expected during the first half of 2018,” said Mukubonda.
NIDA was allocated initial capitalisation of N$50 million in the 2015/16 budget of the ministry of trade. Former information minister Tjekero Tweya was quoted as saying that the merger of the agencies would help the government cut costs in terms of the appointment of a CEO and support staff.
“The ODC and NDC process started way back, there is duplication of functions and the cost is just too much,” he said.
Cabinet in 2015 approved the establishment of NIDA, which will incorporate the NDC and the ODC, as well as their two boards of directors, to include representation from government ministries and agencies and the private sector.
The agency will generate operating revenue from project management and implementation on behalf of the government; develop business infrastructure; be responsible for production operations in agriculture and sourcing of loan financing through development financing institutions; and co-investment in key projects by other public- or private-sector partners.
The NDC was established by the Namibia Development Corporation Act of 1993 while the ODC was established in terms of Article 26 of the Export Processing Zone (EPZ) Act.
The ODC's mandate was to promote and market investment opportunities in Namibia's export processing zones and to monitor and coordinate all EPZ-related activities.
OGONE TLHAGE
This is according to the spokesperson for the ministry of trade, Elijah Mukubonda.
The NIDA Bill was passed by parliament in November 2016.
“NIDA will be an amalgamation of both the Namibia Development Corporation (NDC) and the Offshore Development Company (ODC), taking both their regulatory as well as operational mandates while developing an equity development finance mandate to lead pioneering investment in the industrial sector of the country. Operationalisation of NIDA is expected during the first half of 2018,” said Mukubonda.
NIDA was allocated initial capitalisation of N$50 million in the 2015/16 budget of the ministry of trade. Former information minister Tjekero Tweya was quoted as saying that the merger of the agencies would help the government cut costs in terms of the appointment of a CEO and support staff.
“The ODC and NDC process started way back, there is duplication of functions and the cost is just too much,” he said.
Cabinet in 2015 approved the establishment of NIDA, which will incorporate the NDC and the ODC, as well as their two boards of directors, to include representation from government ministries and agencies and the private sector.
The agency will generate operating revenue from project management and implementation on behalf of the government; develop business infrastructure; be responsible for production operations in agriculture and sourcing of loan financing through development financing institutions; and co-investment in key projects by other public- or private-sector partners.
The NDC was established by the Namibia Development Corporation Act of 1993 while the ODC was established in terms of Article 26 of the Export Processing Zone (EPZ) Act.
The ODC's mandate was to promote and market investment opportunities in Namibia's export processing zones and to monitor and coordinate all EPZ-related activities.
OGONE TLHAGE
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