The Bank of Namibia (BoN) is planning to establish a branch in the southern part of the country to support stakeholders with applied research following the introduction of the Green Hydrogen initiative, Neckartal dam irrigation project and oil discoveries, The Brief can reveal.
Kazembire Zemburuka, the Banks’ Director of Strategic Communications and International Relations, said the commercial viability of these projects might expedite the establishment of a new bank branch.
“Given the recent economic developments in the South such as Green Hydrogen, Neckartal dam irrigation project and oil discoveries, the Bank of Namibia is on record having stated that it is exploring the establishment of a presence in the south of the country to support stakeholders with applied research. The commercial viability of these projects will prompt a proposal for such an establishment,” said Zemburuka.
He added that the viability of the establishment will also ensure the accessibility of currency distribution for the people in the south.
“If found viable the establishment of a branch for currency distribution will ensure that the Bank is accessible and relevant to the people of the South which is the drive behind the Bank’s consideration. However, these are still early days, and no commitments have been made,” he said.
The country’s Southern region is expected to benefit from a huge influx in investment inflows and increased employment opportunities following the discovery of oil and plans by the government to attract Green Hydrogen projects in the region.
Meanwhile, Hyphen Hydrogen Energy, which has won two bids to construct Namibia’s inaugural green hydrogen projects, is targeting to produce 1 Gigawatts of electricity and create over 15 000 jobs.
20% of the jobs will be earmarked for the youths as part of conditions given to the developers, with 93% of employees to be Namibians, with average salary set at N$151 941 per annum.
Furthermore, the cornerstone of all the developments is the government banking on green hydrogen to attract more than US$6 billion in foreign direct investment (FDI) which is anticipated to generate annual revenues in excess of US$800 million, while also contributing to the Sovereign Wealth Fund launched earlier this year.