Green power brings money and jobs

Green power brings money and jobs

01 December 2016 | Energy

Stakeholders have been urged to identify bankable projects after the EIF signed a letter of intent with the French Agency for Development worth almost N$700 million.

The Environmental Investment Fund of Namibia (EIF) signed a letter of intent with the French Agency for Development (AFD) worth N$675 million over a three-year period in Paris, France.

The signing took place during President Hage Geingob''s state visit to France. The CEO of EIF, Benedict Libanda, and AFD''s director for Africa, Jean-Pierre Marcelli, signed the letter of intent for their respective institutions.

According to a statement issued by EIF, the letter of intent is a precursor to a formal agreement between the two organisations, which will see the Fund providing a technical facility for a green credit line through the launch of the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Programme. Under the programme, selected financial institutions will provide concessional loans to finance renewable energy, sustainable agriculture and tourism business enterprises.

Speaking after the signing Libanda was optimistic of the impending and immediate impacts of SUNREF.

“Preliminary estimations show us that the targeted sectors could contribute in the range of 3 000 to 4 000 decent jobs while steep gains on Pillar 4 of the Harambee Prosperity Plan in terms of locally produced clean energy infrastructure could become a reality”, he said.

Libanda further called on Namibian entrepreneurs to start identifying bankable projects in the areas of sustainable agriculture, tourism and renewable energy with the first call for financing envisaged for March or April 2017.

According to the statement business and investment opportunities in the environmental sector were a key focus during deliberations between the Namibian business delegation and their French counterparts, as highlighted by President Geingob. “Investments in wind and solar energy are central to Namibia''s quest to secure a reliable and sustainable power supply to spur industrialisation. We recognise that issues of environment and climate change adaptation feature highly in the country''s development strategies, which is also the reason why Namibia was one of the first countries to ratify the Paris Agreement on Climate Change,” Geingob said.

AFD is a financial institution and the main implementing agency for France''s official development assistance to developing countries and overseas territories. The SUNREF Programme has been set up by AFD as a green finance label with the aim to offer significant economic development potential through environmental integration. SUNREF is currently implemented across three continents with over 40 projects successfully realised. The programme offers a unique financing approach that integrates technical support and financing in order to meet the demand of partner banks and project initiators.


Similar News


Lüderitz becomes wind farm mecca

2 weeks ago - 04 October 2017 | Energy

The construction of the five-megawatt, N$180-million Ombepo wind farm has sparked renewed interest in the southern coastal town of Lüderitz according to town CEO, Aunie...

High power tariffs questioned

3 weeks ago - 22 September 2017 | Energy

Residents of Otjiwarongo in the Otjozondjupa Region have called on the government to revisit its policies and laws regulating electricity tariffs.The Central North Regional Electricity...

Equatorial Guinea takes off with LNG

4 weeks ago - 20 September 2017 | Energy

The ministry of mines and hydrocarbons, representing the government of Equatorial Guinea, has signed a memorandum of understanding (MoU) with the government of Burkina Faso...

Eskom sets eyes on region

1 month - 11 September 2017 | Energy

The Southern Africa Power Pool (SAPP) is expecting growth in regional electricity trade in 2017 after a return to surplus power generation capacity across southern...

Kudu project forging ahead

1 month - 01 September 2017 | Energy

The N$14.4 billion Kudu gas project will continue as planned through a partnership between National Petroleum Corporation of Namibia (Namcor), NamPower and BW Offshore. NamPower...

Ruacana shortcut to benefit the north

1 month - 31 August 2017 | Energy

NamPower is constructing a direct transmission line from the Ruacana hydropower station into the northern regions.Despite the regions' proximity to the hydropower station, they are...

Northern fuel shortage addressed

2 months ago - 24 July 2017 | Energy

The mines and energy minister, Obeth Kandjoze, has commended Engen for the N$62 million fuel depot it has established at Ondangwa, which is expected to...

Eskom denies it is 'broke'

2 months ago - 21 July 2017 | Energy

If all goes according to plan Eskom has a bright future ahead, its executives said on Wednesday during the release of its financial results. Unfortunately...

Shell to drill for oil, gas

2 months ago - 20 July 2017 | Energy

The public has until 4 August to comment on an environmental report on the intended commencement with deep-water exploration well drilling by Shell Namibia Upstream...

EU gives N$7m for promotion of renewable energy

3 months ago - 14 July 2017 | Energy

The European Union (EU) has awarded N$7 million to the Namibia Red Cross Society (NRCS) to promote renewable energy in Namibia. The NRCS, in partnership...

Latest News

Norwegian quota advertised

6 hours ago | Agriculture

The Meat Board of Namibia has started with the process to allocate the Norwegian quota for 2018 to appropriate export abattoirs.Namibia is in possession of...

Anthrax fears rise

6 hours ago | Environment

Botswana authorities are on high alert following the discovery of hippo carcasses in the Okavango River that succumbed to an anthrax outbreak in Namibia. These...

25% of babies born without...

6 hours ago | Health

South Africa is the only country in the sub-region with a sexual, reproductive, maternal, new-born and adolescent health (SRMNAH) workforce that is large enough and...

Shot of the day

6 hours ago | Picture of the day

BERRIES GALORE: A picture taken with a drone shows Belarusians harvesting cranberries at a farm in the village of Selishche, some 290 km south of...

Swapo must reform

6 hours ago | Opinion

The silly season is now in full swing following last weekend's central committee meeting of the ruling party, which wrapped up nominations for the top...

Hell descends on Portugal

6 hours ago | International

A wave of wildfires in central and north Portugal which started at the weekend has killed at least 31 people, civil defence authorities say.Dozens of...

Record weaner season closes

6 hours ago | Agriculture

A total of 15 940 cattle were sold at this year's weaner auctions compared to 5 977 cattle sold in 2016. The average weaner calf...

Ox producers compete

6 hours ago | Agriculture

The winners of this year's Slaughter Ox Competition that is hosted by Agra Auctions was recently announced at an event held in Windhoek. The competition...

Cup kick-off date unconfirmed

6 hours ago | Sports

The organisers of the Petrus Kavhura Cup have announced that they will only set the kick-off date of the tournament at the end of this...

Load More