N$1.3bn for environmental projects

The Environmental Investment Fund (EIF) of Namibia mobilised N$1.3 billion in funding during the 2018/19 financial year.

06 August 2020 | Environment

ELLANIE SMIT

WINDHOEK



The Environmental Investment Fund (EIF) of Namibia mobilised N$1.3 billion in funding during the 2018/19 financial year.

Of this amount, N$530 million was mobilised through the Green Climate Fund, while the balance is from multiple services rendered through management fees and other developmental partners.

This is according to the EIF's 2018/19 annual report that has just been made public.

During the year under review, the fund reached an agreement with the finance ministry on an environmental levies sharing formula.



Plastic bag levies

“Cabinet, as recommended by the Cabinet Committee on Trade and Economic Development, endorsed the introduction of an environmental levy on plastic carrier bags, with 100% of the revenue from this levy accruing to the fund for re-investment in improved waste management practices.”

Furthermore, the cabinet approved the allocation of 30% of funds collected through environmental levies to the fund.

According to the report the fund received its first payment of N$7 million from environmental levies from the finance ministry in December 2018. Another N$7 million payment was received by the end of March last year.



Projects supported

Due to cash-flow challenges, the fund suspended its loan and grant programmes.

“However, there has been a continuation of bursary financing and the Summer Desertification Programme that continues to benefit 28 young professionals.”

Moreover, through the Sustainable Utilisation of Natural Resources and Energy Financing (SUNREF), the fund has managed to approve two projects worth N$70 million with 35 jobs created. Furthermore, through the Enhanced Direct Access Project funded by the fund, a call for proposals was advertised in September 2018. A total of 62 grant applications were received for the three investment windows. It was envisaged that N$93 million worth of grant financing for community-based natural resource management (CBNRM) would have been approved by the end of April last year.

These funds will benefit more than 70 000 people and create 390 jobs.

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