Africa Development DFI Economy Finance Government Investing Namibia Water

Namibia: AfDB grants US$254M for economic and water projects

The African Development Bank announced this week it is disbursing a total of $254.4 million in two loans to support the economic growth in Nambia and help the country develop some water supply projects.

The first loan of $129.4 million will support economic governance and improve Namibia’s competitiveness by providing much-needed liquidities and enhancing investors’ confidence in the country. The facility will also support the government’s fiscal consolidation efforts, improve public finance management and public sector efficiency while laying solid foundations for industrialization.

The second envelop consists of a loan of $121.7 million and a grant of $3.3 million from the Rural Water Supply and Sanitation Initiative (RWSSI) Trust Fund. This initiative will support the national Water Sector Support Project, which aims to foster sustainable production and transfer of water resources, improve sanitation in rural areas and strengthen institutional capacities. As a reminder, Namibia is currently facing a worrying drought episode that threatens economic performances.

“The project aligns with Namibia’s national development plans and a government priority to boost the availability and affordability of water as a basic element for making Namibia a prosperous and industrialized nation by 2030,” AfDB says.

Source: Ecofin Agency

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