12 September 2018 | Ekonomie

Namibia to source funds from New Development Bank

Infrastructure to benefit

Time is limited and we might run the risk of losing to be the first logistics destination. – Stanley Simataa, Minister:ICT

Namibia will explore the possibility of sourcing funds from the New Development Bank (NDB), formerly known as the BRICS Development Bank, to finance the establishment of large intra-regional infrastructure projects.

This decision was approved by Cabinet last week, the minister of information and communication technology, Stanley Simataa, said Monday.

Without mentioning the amount to be sourced, Simataa said the projects are the Grootfontein-Rundu-Katima Mulilo railway, the Baynes Hydropower facility, the Trans-Kalahari railway line development plan and and the Trans-Orange River highway and railway.

These projects are promoted through the New Partnership for Africa’s Development (NEPAD).

Simataa said Namibia is operating in a competitive space with other Southern African Development Community (SADC) member states in terms of establishing a logistics hub, therefore there is a need to fast-track the realisation of the projects.

“Namibia should shorten the development periods in terms of planning and implementing and accelerate because time is limited and we might run the risk of losing to be the first logistics destination,” he said.

Simataa said Namibia has done well in expanding the Walvis Bay Port, stating that the country will not be built on good intentions on paper only, therefore projects should become tangible.

The projects are to foresee transport corridors across SADC member states to support the establishment of a regional customs union.

The New Development Bank is a multilateral development bank established by the BRICS states - Brazil, Russia, India, China and South Africa - and has its headquarters in Shanghai, China. - Nampa