The African Development Bank has announced plans to provide $1.78 billion in financing to Namibia over the coming years to support projects across key sectors including transport, energy, and water, a spokesperson for the bank confirmed.
According to Reuters, the planned funding forms part of the bank’s broader strategy to back Namibia’s economic development during the 2025 to 2030 period.
The spokesperson noted that the total financing figure may change, as the package will be reviewed midway through the implementation timeline.
Most of the funding will be delivered through loans, although a portion will be allocated as grant support.
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The spokesperson did not provide details on the specific transport, energy, or water projects that will receive the financing.
Namibia, which is rich in natural resources, has recently emerged as a major exploration hub for international energy companies.
The country is targeting its first crude oil production by 2030, a milestone that could significantly reshape its relatively small economy.
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Image Credit: Reuters
