World Bank, IFC report urges Namibia to deepen private sector reforms to transform economy, create jobs

WINDHOEK, July 8  — Namibia can transform its economy, create jobs, reduce inequality, and recover faster from the impact of COVID-19 by deepening private sector reforms, according to a report launched by the International Finance Corporation (IFC) and the World Bank.
The Namibia Country Private Sector Diagnostic (CPSD), launched in Windhoek on Friday, highlights opportunities for Namibia to attract investment and achieve sustainable private sector-driven growth.
The report suggests policy reforms to encourage competition and public-private partnerships, especially in the energy and water sectors.
“The World Bank is committed to supporting the government to enact reforms aimed at attracting private investment to diversify the economy and create jobs,” said Marie Francoise Marie-Nelly, World Bank country director for Namibia.
The CPSD further points to the need for greater efficiencies in Namibia’s logistics and trade facilitation sectors and highlights untapped opportunities in digital transformation and the water sector for green and resilient growth.
“Namibia has the opportunity to create a more conducive business environment, revitalize its private sector, and reposition its economy on a greener, more resilient, and inclusive path,” said Adamou Labara, IFC country manager for Namibia.
The CPSD notes Namibia’s world-class but largely untapped renewable energy resources.
Namibia has one of the highest solar irradiation levels globally and excellent wind resources, and strengthening private sector participation in renewable energy will enable Namibia to transition into a regional green power supplier, the report says.
The report adds that Namibia shows promise for climate-smart investments in the livestock and horticulture sectors, which could generate income and employment.
“The private sector is well placed to help develop and scale approaches for innovative water solutions such as desalination, where Namibia is already a leader,” the report says.
The IFC is a sister organization of the World Bank and a member of the World Bank Group.  (Xinhua)