The Environmental Investment Fund (EIF) Board says it obtained an exemption from the Minister of Finance and Public Enterprises to renew the employment contract of Benedict Libanda for another five years.
This comes after Libanda’s contract expired last year, having served two five-year terms as the founding Chief Executive Officer of the EIF.
The move will see Libanda reign for 15 years as CEO of the EIF, having secured an exception from the Public Enterprises Act requirements.
Confirming the CEO’s employment status, Board Chairperson Titus Ndove, who is also the Executive Director in the Ministry of Finance and Public Enterprises, said the contract was renewed in August 2022, after a thorough performance review and ministerial approval.
“The Minister of Finance and Public Enterprises was an integral part of the process and the decision that was undertaken. The decision to renew Libanda’s contract was made following a thorough performance evaluation process and a comprehensive review of the company’s achievements under his leadership. The Board of Directors, along with key stakeholders, expressed their overwhelming support for the CEO and his vision for the EIF’s future,” Ndove said.
Further substantiating the reappointment, Ndove said Libanda, has transformed the organisation and is now recognised as a global model for climate and environmental financing.
Libanda’s tenure is being extended at a time when the EIF in partnership with Climate Fund Managers, completed the registration of NH2 Fund Managers, an entity expected to manage SDG Namibia One, a bespoke blended financing infrastructure fund that will aim to raise capital from local institutional investors and investors from around the world to develop Namibian green hydrogen projects and related infrastructure.
Libanda is said to have been instrumental in the design and establishment of the new blended financing platform.
“He has built an international reputation as an expert in climate financing and fund management. Under his leadership, the EIF was the first African entity to be accredited to the Green Climate Fund in 2016 and the fourth entity to be reaccredited in 2022 globally,” the board chairperson said.
“Accreditation means that the entity’s judiciary, governance, and financial management systems operate at globally accepted standards and comparable to international banking and financing firms. In addition, since the establishment of the fund, the entity has attained consistent clean audits and this is testimony to good leadership and governance.”
Over the years, the entity has managed to mobilise more than N$3.6 billion and successfully deployed such funding to projects and programs in Namibia, benefiting more than 200,000 people, both direct and indirectly.
It is based on such accolades that Ndove and the entire board members rallied behind Libanda to continue driving the EIF forward and build upon the achievements.
“We are confident that his leadership will continue to guide the fund filled with growth, innovation, and opportunities as we look forward to the implementation of the new Integrated Strategic Business Plan,” Ndove said.
The Environmental Investment Fund was established with a mandate to raise funding for investments into projects and programmes that promote sustainable development.
