Namibia: Harambee Prosperity Plan II Looks to Unlock Targeted Projects Worth N$27 Billion

The second phase of the Harambee Prosperity Plan has an overambitious objective to unlock targeted projects worth approximately N$27 billion, while prioritizing the need to better curate Namibia's natural resources and public assets, in 5 years (2021-2025).

Launching the plan on 18 March 2021, the President, HE Dr. Hage Geingob expressed confidence that through the plan's roadmap, the country will strengthen its effective governance architecture through responsive processes and systems, and accountable institutions that deliver quality public services.

"Economic advancement is a prerequisite for poverty eradication. In that vein, the Harambee Prosperity Plan II contains a blend of new opportunities propelling us closer towards our goal of becoming an industrialized nation. Moreover, the Plan also prioritizes the need to better curate our natural resources and public assets, in order to maximize their economic yield," Geingob said during the launch.

The Harambee Prosperity Plan II commits to deliver key reforms such as the establishment of a Sovereign Wealth Fund and the review of legislations that favour regulations facilitating business rescue to assist businesses that are in financial difficulties.

As part of the review of the Public Enterprises ownership policy, Geingob announced that the government will list MTC shares with the aim of raising at least N$3 billion.

Through the plan, Namibia will develop a national strategy for developing Green Hydrogen and Ammonia.

"As we pursue this strategy, we have the opportunity to become the first country in Africa to achieve carbon neutrality and utilize the African Continental Free Trade Area to export clean energy to our neighbours," the President said.

Geingob explained that these reforms will be accompanied by objectives to construct a new desalination plant in the Erongo Region to enable the expansion of economic activities in the mining sector; expanding local generation capacity by 250MegaWatts, in order to power the recovery and optimize the operation of the Walvis Bay Container Terminal and establish an Economic Free Zone.

President Hage Geingob said the Harambee Prosperity Plan II is premised on effective governance as an enabler of socio-economic development. (NamibianPresidency).

More From: Namibia Economist

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