Namibia and Germany signed a cooperation agreement on Friday and here’s what you need to know:
- Finance minister Iipumbu Shiimi and Germany Ambassador Herbert Beck signed on behalf of their respective countries.
- The total amount of the agreement is 161 million Euro (roughly N$2.7 billion)
- The amount includes a 20 million Euro (N$334 million) NamPost Funding Facility in Support of Micro and Small Enterprises (MSE) and Low-income Households in overcoming the COVID-19 Crisis.
- 75 million Euro (1.25 billion NAD) in additional funding for the ongoing Namibian Water Sector Support Program.
- NamPower through the Renewable Energy Program will receive 66 million Euro (N$1.1 billion) to expand its production capacities of renewable energy through the establishment of the first major wind farm in Namibia with a capacity of up to 40 MW, located 30 km North of Rosh Pinah.
- The latest loan brings German funding to Namibia since Independence to 1.6 billion Euros (roughly N$26.8 billion NAD).
