Namibia Secures $138.5 Million World Bank Loan for Development Projects

Namibia Secures $138.5 Million World Bank Loan for Development
BBC

Namibia Secures $138.5 Million World Bank Loan for Development Projects

The World Bank has given its seal of approval to a $138.5 million loan designated to assist Namibia in fortifying its transmission network and incorporating renewable energy initiatives into the grid, the bank announced on Tuesday.

Namibia, one of Sub-Saharan Africa’s arid nations blessed with abundant sunshine and wind, aims to position itself as a pivotal renewable energy hub. This endeavor aligns with the country’s recent emergence as a significant exploration destination for offshore oil and gas reserves.

Satu Kahkonen, World Bank country director for Namibia, emphasized the nation’s unique position as a regional frontrunner in transitioning towards a more environmentally sustainable future. The loan signifies a crucial step in this trajectory.

The funds will primarily support NamPower, the national electricity utility, in reducing its reliance on electricity imports from neighboring countries. This marks Namibia’s inaugural World Bank-funded energy project, signifying a milestone in its energy sector development.

In addition to advancing solar and wind energy initiatives, Namibia is pursuing a groundbreaking $10 billion green hydrogen project. Once realized, this project aims to export hydrogen to the European Union, further solidifying Namibia’s stature as a global player in the renewable energy landscape.

The loan from the World Bank underscores the international community’s support for Namibia’s transition towards sustainable energy practices. It represents a significant investment in the country’s energy infrastructure and signals a commitment to harnessing its renewable energy potential for domestic and international benefit.

TRENDING

Related Posts

Illuminating the Promise of Africa.

Receive captivating stories direct to your inbox that reveal the cultures, innovations, and changemakers shaping the continent.

    By subscribing, you agree to our Terms and Privacy Policy. You will receive emails with AFRICA OTR updates, exclusive stories, and opportunities to engage. Partners may occasionally send promotions. You can manage preferences or unsubscribe anytime. We respect your privacy and do not share personal data. only using it to enrich your AFRICA OTR experience.