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Namibia gets $170 million loan from Germany in supporting economic growth

NAMIBIA and Germany Friday signed a Financial Cooperation Agreement that will see the latter providing about $170 million in a loan on favourable terms to support economic development in Namibia, a joint statement by the two governments said.

The loans will be used to fund the Namibia Water Sector Support Program which aims to implement new water projects to improve access, quality and sustainability of water supply and sanitation in Namibia, and the Renewable Energy Program which seeks to expand production capacity in the African country.

Part of the loan will also be used to support micro and small enterprises and low-income households in overcoming the Covid-19 crisis by providing microcredits to predominantly rural customers, mainly women.

 

Source
Xinhua

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