Namibian gov’t signs financial cooperation agreement with German gov’t

WINDHOEK, May 11 — Namibia’s government on Tuesday signed a financial cooperation agreement with the German government worth about 100 million Euros (about 121.7 million U.S. dollars) for three developmental projects.
The projects are about the development of infrastructure based on climate-friendly technologies, securing Windhoek water supply, and improving food production, income, and employment opportunities in rural communities.
Namibia’s Finance Minister Iipumbu Shiimi and the German ambassador to Namibia Herbert Beck officially inked the loan agreements at an event in Windhoek.
Shiimi at the event said the agreement covers three programs for which financing will be provided by interest-reduced loans in local currency.
According to Shiimi, the successful signing of the agreement follows the 2019 governmental negotiations on development cooperation between the two countries.
The funding for the three projects under the agreement is provided by the KfW Development Bank, Beck said. (Xinhua)