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Namibia gets $170m loan from Germany in supporting economic growth

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Namibia and Germany signed a Financial Cooperation Agreement that would see the latter providing about 170 million U.S. dollars in a loan on favourable terms to support economic development in Namibia.

This is disclosed in a  joint statement by the two governments on Friday.

According to the statement, the loans will be used to fund the Namibia Water Sector Support Program which aims to implement new water projects.

The project is to improve access, quality and sustainability of water supply and sanitation in Namibia, and the Renewable Energy Program sought to expand production capacity in the African country.

It said that part of the loan would also be used to support micro and small enterprises and low-income households in overcoming the COVID-19 crisis by providing micro credits to predominantly rural customers, mainly women.

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