The delay in the completion of the construction of the Waterfront building at the Lüderitz Old Power Station is postponing the social economic benefits the project has for the people of Lüderitz.

These remarks were made by Lüderitz Waterfront Development Company Chief Executive Officer, Fluksman Samuehl, during a stakeholder meeting here on Wednesday.

“The project has the potential to bring needed job opportunities, tourism growth, attract and retain professionals to the town, become a vibrant town, align to smart city initiatives, boost small businesses and diversify economic structures,” he said.

Samuehl said the construction work on the Old Power Station is 80 per cent complete and a further N.dollars 130 million is needed to finalise the project.

“We are aware that government has no money but we are looking at other ways to raise the funds to complete the project. One way is to go into public-private partnerships (PPPs) so that we get funds, the other is to generate income from some of the facilities that are complete so we fund the rest of the project, we’re not just looking at one source of funds which is government,” he said.

He added that the longer the completion of the project is prolonged, the more expensive it becomes.

About N.dollars 250 million has thus far been utilised on the building that is expected to house a satellite campus of the Namibia University of Science and Technology, a maritime museum, an amphitheatre, a gym and various entertainment facilities. Initially the project was expected to be completed in 2017.

According to Samuehl, if the town’s market responds favourably, the company in the future will look into building a shopping mall, retirement village, a hotel and a private hospital, of which most will be done on a PPP basis.

Acting Executive Director in the Ministry of Public Enterprises, Ndiitah Nghipondoka-Robiati said with the limited financial resources at the disposal of government, the ministry is looking at prioritising funding projects of public enterprises that need to be completed and are able to make a return on the investment.

“Seeing that over N.dollars 250 million was used and the project is at 80 per cent, how can we not try our best to make sure it is completed? We are trying to prioritise those projects that are near completion and have the potential to make return on investments, rather than investing in a new project and I believe the Waterfront has the potential to make the return on investment,” she said.

The construction is being carried out by the Nexus Group and the transformation of the Old Power Station started in 2002.

Source: The Namibian Press Agency