{"id":23521,"date":"2022-06-28T14:10:23","date_gmt":"2022-06-28T14:10:23","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy"},"modified":"2022-06-28T14:14:09","modified_gmt":"2022-06-28T14:14:09","slug":"namibia-gets-n2-7-billion-to-kick-start-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy","title":{"rendered":"Namibia gets N$2.7 billion to kick start economy"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Finance minister Ipumbu Shiimi and Ambassador of the Federal Republic of Germany Herbert Beck on Friday signed a financial cooperation agreement on interest-reduced loans between Germany and Namibia.<\/p>\n

The total amount of the agreement is \u20ac161 million (roughly N$2.7 billion) and comprises three major areas of German-Namibian development cooperation.<\/p>\n

The total funding of N$2.7 billion is provided by the German government and forwarded to KfW Development Bank for implementation.<\/p>\n

The three projects are intended to directly contribute to the achievement of HPP II and the updated NDC helping to kick-start growth after the severe impact of Covid-19 crisis.<\/p>\n

This first project is a NamPost funding facility of up to \u20ac20 million (N$334 million) to support micro and small enterprises (MSE) and low income households in overcoming the Covid-19 crisis.<\/p>\n

Second is the water sector support program II, which receives up to \u20ac75 million (N$1.25 billion).<\/p>\n

Last is the renewable energy programme that will get up to \u20ac66 million (N$1.1 billion).<\/p>\n

According to a joint media release, the NamPost Funding Facility aims at providing microcredits to predominantly rural customers \u2013 mainly women.<\/p>\n

The interest-reduced local currency loan to NamPost\/PostFin addresses the high demand for credit of vulnerable groups and provides access to loans specifically to alleviate the negative consequences of the Covid-19 pandemic.<\/p>\n

The Water Sector Support programme II is additional funding for the ongoing Namibian Water Sector Support programme.<\/p>\n

The continuation of support intends to make a direct contribution to Namibia\u2019s adaptation to climate change.<\/p>\n

\u201cThe programme is aiming at the implementation of new water projects to improve access, quality and sustainability of water supply and sanitation in Namibia. Against the backdrop of more frequent droughts, the programme strives also to reduce water losses, thereby contributing to resource conservation and increasing the resilience of the population,\u201d reads the joint statement.<\/p>\n

The Renewable Energy programme aims at supporting NamPower to expand its production capacities in terms of renewable energy.<\/p>\n

The project will establish the first major windfarm in Namibia with a capacity of up to 40MW, located 30km north of Rosh Pinah.<\/p>\n

This major windfarm provides a valuable learning experience for NamPower.<\/p>\n

It supports the ambitious NamPower targets to increase the supply of renewable energy and improve the country\u2019s energy independence.<\/p>\n

In addition, the project contributes to Namibia\u2019s aspirations of becoming a hub for the production of green hydrogen.<\/p>\n

At the signing, Ambassador Beck said: \u201cI am confident that the agreed areas of our bilateral financial cooperation will make a real difference to the people of Namibia, as they will contribute directly to the implementation of the Harambee Prosperity Plan, the government\u2018s economic recovery and development plan\u201d.<\/p>\n

He noted the enduring bilateral development cooperation is a central component of the special relations between Namibia and Germany \u2013 and a continuous support to the Namibian government.<\/p>\n

During 30 years of Namibia\u2019s independence, German development cooperation with Namibia amounts to \u20ac1.6 billion (roughly N$26.8 billion).<\/p>\n

Most of this assistance has gone towards strengthening the country\u2019s social and economic growth.<\/p>\n

At the signing, finance minister Shiimi said: \u201cNamibia is very grateful for the continued support from the Federal Republic of Germany. The agreed financial support is for strategic investments in critical areas that will help the economy to recover, and it will come in handy to help us build back better\u201d.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Finance minister Ipumbu Shiimi and Ambassador of the Federal Republic of Germany Herbert Beck on Friday signed a financial cooperation agreement on interest-reduced loans between Germany and Namibia. The total amount of the agreement is \u20ac161 million (roughly N$2.7 billion) and comprises three major areas of German-Namibian development cooperation. The total funding […]<\/p>\n","protected":false},"author":84,"featured_media":23520,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,12,16],"tags":[234,236,233],"class_list":["post-23521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamibia gets N$2.7 billion to kick start economy - Namibia<\/title>\n<meta name=\"description\" content=\"Finance minister Ipumbu Shiimi and Ambassador of the Federal Republic of Germany Herbert Beck on Friday signed a financi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namibia gets N$2.7 billion to kick start economy\" \/>\n<meta property=\"og:description\" content=\"Finance minister Ipumbu Shiimi and Ambassador of the Federal Republic of Germany Herbert Beck on Friday signed a financi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-28T14:10:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-28T14:14:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_7-62bb0ca08dcb5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"810\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namibia gets N$2.7 billion to kick start economy\",\"datePublished\":\"2022-06-28T14:10:23+00:00\",\"dateModified\":\"2022-06-28T14:14:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy\"},\"wordCount\":566,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_7-62bb0ca08dcb5.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namibia-gets-n2-7-billion-to-kick-start-economy\",\"name\":\"Namibia gets N$2.7 billion to kick start economy - 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