Namibia seeks funding for economic recovery projects

Namibia is seeking funding for several infrastructure projects.

This included a new desalination plant as part of the government’s drive to revive the economy and expand the mining sector, President Hage Geingob said on Thursday.

While launching his five-year economic recovery plan, Geingob said the country also plans to expand the local power generation capacity by 250 Megawatts to boost the recovery.

The power generation will also optimise the operation of the container terminal in the coastal town of Walvis Bay and establish an Economic Free Zone.

“This is a period of a great opportunity and we thus invite investors to partner with the government in the delivery of these transformative initiatives encapsulated in the plan,’’ he told reporters in the capital Windhoek.

“Our objective is to unlock targeted projects worth approximately 27 billion Namibian dollars ($1.8 billion).’’

On Wednesday, Finance Minister, Ipumbu Shiimi, said the country would accelerate reforms to improve the domestic investment climate by tabling the reviewed Namibia Investment Promotion Bill and the National Equitable Economic Empowerment Bill this year.