THE Federal Republic of Germany has extended a loan of N$1.8 billion to the Namibian government for various development projects which range ensuring water supply to climate-related infrastructure projects.
Iipumbu Shiimi, Minister of Finance, and Herbert Beck, Ambassador of the Federal Republic of Germany, signed the Agreement on Financial Cooperation for Loans following the 2019 Governmental Negotiations on Development Cooperation between Germany and Namibia.
The agreement covers three programmes to the value of EUR 100 million (approx. N$ 1.8 billion) for which financing will be provided by interest-reduced loans in local currency, thereby securing favourable credit conditions for the Government of Namibia.