Namibia to benefit from N$2.6 trillion EU investment package

May 10, 2022

The European Union (EU) has committed to help Namibia benefit from the N$2.6 trillion (€150 billion) EU Global Gateway investment package announced in February at the AU-EU Summit.

European Union Ambassador to Namibia Sinikka Antila said policy directions were given at the highest possible level in connection with the AU-EU Summit in Brussels last February, where President Hage Geingob and President Ursula von der Leyen agreed upon an important partnership.

"The Summit also announced the EU Global Gateway investment package of 150 billion euros to Africa and we are busy working to make these plans become reality also for Namibia,”  the envoy said on Monday on the occasion of the celebration of Europe Day 2022.

She said the embassy was also working on organizing the EU-Namibia Business Forum towards the end of this year as it seeks to create business opportunities for Namibia and the EU.

“I am convinced that the longstanding EU-Namibian partnership will manage to bring about fruitful outcomes of this reimagining work. We are planning to organize the EU-Namibia Business Forum towards the end of this year and I am calling for EU-Namibia business and investment partnerships to become part of this reimagining for sustainable, green, inclusive economic growth,” Antila said.

The announcement by the EU in Namibia comes as Namibia’s trade with Europe increased in March 2022 when compared to the previous month according to figures from the Namibia Statistics Agency (NSA), with exports up from N$1.1 billion to N$1.2 billion.

Imports from Europe, according to the NSA, increased from N$618 million to N$799 million, however, the trade balance worsened from N$511 million to N$372 million during the period under review.

The Global Gateway initiative seeks to invest N$5.1 trillion (€300 billion) in public and private infrastructure schemes around the world by 2027, with the funding being by way of a combination of EU funds, member state investments and capital raised by European investment banks.

The investments will focus on objectives based on the green transition, including renewable energy generation and protecting biodiversity by stabilizing three million square kilometers (1.16 million square miles) of land, while also supporting sustainable agri-food systems.

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Last modified on Wednesday, 11 May 2022 19:14