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Namibia to start $223bn development plan next year

Namibia to start $223bn development plan next year

WINDHOEK: Namibia has planned to become a regional transport hub. To accomplish this target government of Namibia has started to knock markets and big investors to implement its developmental plan of 223 billion Namibian dollars ($19 billion) in the early next year.

The southwest African nation’s government has said it will finance 73 billion Namibian dollars of the budget and use a variety of methods to raise the rest of the money for ports, railways, roads and airport upgrades.

“The best way to address these funding needs is to pursue various alternatives including public-private partnerships and listed infrastructure funds, among others,” Emma Haiyambo, a spokeswoman for the Bank of Namibia in Windhoek.

Namibia intends to position itself as a channel for trade by landlocked neighbors including Botswana, Zimbabwe, Zambia, the Democratic Republic of Congo and Malawi. Namibia is expanding capacity and building bulk cargo handling capabilities at its deep water port at Walvis Bay and upgrading the harbor at Luderitz. It will also target customers from southern Angola.

The state-owned Namibia Ports Authority plans to build a harbor to be known as the SADC Gateway Port, about five kilometers (3.1 miles) north of the existing Walvis Bay port. The project will have a dry bulk terminal and a five-berth coal facility, primarily to cater for 65 million metric tons of projected shipments from Botswana’s Mmamabula coalfields to Asian markets.

The government will come up with a way to “encourage the participation of private financiers and investors, both locally and internationally,” to participate in the development fund raising, Haiyambo said.