The World Bank has unveiled a new borrowing strategy for Namibia, marking a notable shift in its engagement with the country. The recently-approved Count ry Par tnership F r amewo rk (CPF ) for 2025 to 2029 is set to facilitate International Bank for Reconstruction and Development (IBRD) lending, which is a departure from the...
The European Union has allocated N$20 million to the United Nations Development Programme (UNDP) to bolster Namibia’s efforts in achieving national development goals aimed at fostering a transparent and equitable society resilient to corruption. This funding was announced during the launch of the Good Governance initiative, a collaborative effort involving UNDP Namibia and the Anti-Corruption...
The World Bank (WB) recently stated that Namibia needs to reconsider the presence of state-owned enterprises (SOEs) in its domestic economy, before speaking of private sector-led growth. “Unpredictable state transfers to SOEs create fiscal pressures and highlight the need for better governance,” reads a World Bank country partnership framework report released last month. Since Namibian...
Owning a home in Namibia is becoming increasingly challenging, as the average house price surpassed the N$1.3 million mark during the third quarter of 2024. The average Namibian house now costs N$1 303 179, which is a notable increase from the N$1 263 673 recorded in the second quarter of the same year. This increase...
Hydrogène de France (HDF), a French energy company, is poised to make a significant impact on Namibia’s electricity grid with its ambitious plan to generate 142GWh of green baseload electricity annually. Should everything go as planned, the company is expected to reach its final investment decision for the first phase of the project in the...
Ana-Beatriz Martins, the ambassador of the EU delegation to Namibia, noted EU partnership will mobilise N$400 billion in private investments for Namibia’s green hydrogen strategy. This is more than double Namibia’s gross domestic product (GDP), significantly advancing the nation’s aspirations for green industrialisation. She was speaking at the grant signing ceremony of N$42 million yesterday...
Over the past year, the Namibian private sector secured a total of N$3.73 billion in credit. Individuals received N$2.07 billion, and corporations took up N$1.66 billion. The demand for credit among individuals has shown some resilience, with an annual growth rate of 3.1% in November. Overdraft facilities saw a slight increase of 0.4%, while mortgage...
Mines and energy minister Tom Alweendo has responded to Shell’s recent announcement regarding its write-down of about N$7.5 billion (US$400 million) related to oil discoveries in Petroleum Exploration License (PEL) 39. He said the decision is not a setback for the country’s oil ambitions. Shell determined that the discoveries made in some of the wells...
Multichoice continues to face financial challenges as highlighted in its latest interim financial results for the period ending 30 September 2024. The company reported a substantial revenue decline of 10%, dropping from N$27.9 billion to N$24.8 billion. This is primarily due to a decrease in its linear subscriber base, which fell by 11% year-on-year, losing...
NAMIBIA’S electricity imports have surged to 28.4% year-on-year, highlighting the country’s ongoing struggle with local energy generation. The Bank of Namibia stated that local electricity production fell by 6.5% during the third quarter of 2024. This is exacerbated by reduced water availability and technical issues at the Ruacana hydro-power plant. “This decline in local generation...