Namibia Inks Agreement With Germany Worth 100 Million Euro to Boost Three Developmental Projects

The government signed a financial cooperation agreement with the German government worth N$1.8 billion for three developmental projects at a ceremony held this week.

The projects that will be covered with the financial support will include: the development of infrastructure based on climate-friendly technologies (approx. N$540 million); securing Windhoek water supply (approx. N$900 million); and improve food production, income, and employment opportunities in rural communities 9approx N$360 million)..

The Finance Minister Iipumbu Shiimi and the German Ambassador to Namibia, Herbert Beck officially inked the loan agreements at an event in Windhoek

Shiimi at the event said the agreement covers three programmes for which financing will be provided by interest-reduced loans in local currency, thereby securing favorable credit conditions for the Namibian government.

According to Shiimi the successful signing of the agreement follows the 2019 governmental negotiations on development cooperation between the two countries.

The funding for the three projects under the agreement meanwhile is provided by the KfW Development Bank, Beck said.

More From: Namibia Economist

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