Nam secures green loan from Germany

KfW Development Bank will provide the loan, worth some N$1.8 billion, at reduced interest to secure favourable credit conditions for Namibia.

14 May 2021 | Economics

Staff Reporter – The 100-million-euro loan agreement signed by finance minister Iipumbu Shiimi and German ambassador Herbert Beck this week will fund crucial water and climate-related infrastructure projects in Namibia.

KfW Development Bank will provide the loan, worth some N$1.8 billion, at reduced interest to secure favourable credit conditions for Namibia. The agreement follows the 2019 government negotiations on development cooperation between the two countries.

About N$900 million of the loan is to upgrade the water infrastructure in Windhoek by modernising and extending the Gammans waste water treatment plant. The investment will increase the capacity of the plant from 25 000 m3 to 55 000m3 of water treated per day.

“This will safeguard the provision of the needed quantity and quality of water as feed stock for water reclamation as one of the backbones of water supply to the city,” the parties said in a joint statement.

The project will complement the ongoing support provided by the German development cooperation to the City of Windhoek. This includes a 40-million-euro interest-reduced local currency loan (about N$720 million) previously for the construction of an additional direct portable reclamation plant in the city, as well as a grant to identify measures to reduce water losses in Windhoek’s water supply and sewerage system.

DBN CREDIT LINE

About N$540 million or 30 million euro of the new loan will allow the Development Bank of Namibia (DBN) to extend its existing credit line for climate-related infrastructure projects in the country.

This facility provides long-term finance to both private and public investors for projects like solar photovoltaic and wind energy generation, as well as rural and urban water infrastructure and public transport projects.

This second credit-line provided via KfW will support the further expansion of the DBN’s business activities and will be accompanied by capacity building measures for the bank to ensure compliance to international environmental and social standards.

FOOD SECURITY

Around N$360 million or 20 million euro will go towards Agribank to sustainably and efficiently expand the range of financial services to agricultural households, as well as micro, small and medium-sized enterprises.

It will support the development of new and innovative financial products to unlock access to affordable finance, especially for small-scale farmers. This credit-line will be accompanied by a grant for capacity buildings to secure the successful implementation of the programme.

Similar News

 

Electricity production capacity needs to improve

20 hours ago | Economics

PHILLEPUS UUSIKU For the month of June 2021, Namibia mainly imported its electricity from Eskom Aggeneis, Zesco-Firm Zambia and ZPC-Zimbabwe due to a decline in...

Nigeria's central bank ends dollar sales

20 hours ago | Economics

CHIJIOKE OHUOCHA AND LIBBY GEORGENigeria's central bank is halting dollar sales to exchange bureaus, saying they have become channels for graft and illicit flows of...

KwaZulu-Natal sets state of disaster

20 hours ago | Economics

The government of the province worst-hit by recent deadly unrest in South Africa on Thursday declared a state of disaster to divert funds towards recovery.Riots...

GIPF accepting funeral claims electronically

20 hours ago | Economics

The Government Institutions Pension Fund (GIPF) is delighted to inform their members and stakeholders that the Fund has amended the funeral claim submission procedure. GIPF...

IMF approves financing for Cameroon

20 hours ago | Economics

The International Monetary Fund (IMF) said on Thursday its board had approved a three-year financing deal for Cameroon worth US$689.5 million to help the Central...

Namibia’s tourism sector walking on thin ice

3 days ago - 30 July 2021 | Economics

PHILLEPUS UUSIKU Due to limitations to the number of people at gatherings, reduced opening hours for restaurants and bars and moreover travel restrictions, the tourism...

South Africa plans billions in relief

3 days ago - 30 July 2021 | Economics

ALEXANDER WINNING AND WENDELL ROELFSouth Africa plans about R36 billion of relief measures to support businesses and individuals affected by unrest this month and by...

SA unions agree to wage deal

3 days ago - 30 July 2021 | Economics

The majority of public sector unions in South Africa have signed a one-year wage hike deal, a cabinet minister said on Tuesday, as government looks...

Namibia’s economic recovery ‘disgraceful’

4 days ago - 29 July 2021 | Economics

Jo-Maré Duddy – Dragging vaccine roll-out and the re-imposition of some lockdown measures during the third wave of Covid-19, as well as lower than expected...

Govt caught with its pants down

4 days ago - 29 July 2021 | Economics

Jo-Maré Duddy – Government must open-up the import of Covid-19 vaccines to the private sector to fight the third wave, prevent a fourth and help...

Latest News

Weekend recap: Gazza postpones ‘Messiah’...

9 hours ago | Art and Entertainment

MICHAEL KAYUNDE WINDHOEK A day before he was meant to drop his 13th studio album, Gazza announced the postponement of ‘Messiah.’ “My mind, spirit...

We move - Jonas

20 hours ago | Sports

Jesse Jackson Kauraisa Namibian boxer Jonas Junias Jonas has hinted at a move...

Nathanael dethroned by ‘dodgy’ decision...

20 hours ago | Sports

Jesse Jackson Kauraisa MTC Nestor Sunshine Boxing and Fitness Academy promoter Nestor Tobias has revealed that the academy will wait for...

Electricity production capacity needs to...

20 hours ago | Economics

PHILLEPUS UUSIKU For the month of June 2021, Namibia mainly imported its electricity from Eskom Aggeneis, Zesco-Firm Zambia and ZPC-Zimbabwe due to a decline in...

South Africa’s Eskom in a...

20 hours ago | Business

ALEXANDER WINNINGA debt crisis at South Africa's struggling state-owned utility Eskom could be solved by an agreement for government creditors to write off some of...

Swapo sidesteps democracy

20 hours ago | Politics

JEMIMA BEUKES WINDHOEKThe questionable re-appointment of Paulus Noa as chief of the Anti-Corruption Commission...

China worries about terrorist attacks

20 hours ago | Police

JEMIMA BEUKES WINDHOEKThe Namibian police and other units in the country’s security cluster are on high alert after a bomb attack in...

Covid: Third wave not over...

20 hours ago | Health

JEMIMA BEUKES WINDHOEKWhile new cases have slowed down, authorities have cautioned Namibians not to let their guard down in the face of...

Can we please find a...

20 hours ago | Sports

Jesse Jackson Kauraisa This on and off sport in Namibia reminds me of stories I heard about relationships which are...

Load More