Economic Growth summit garners N.dollars 20 billion validated investments

The two-day 2019 Namibia Economic Growth Summit has attracted and validated an investment commitment to the tune of N.dollars 20 billion which would go towards projects that are expected to revive and grow the Namibian economy over the next two years.

Of the validated N.dollars 20 billion, N.dollars 9.5 billion was foreign contribution.

While addressing the media on the outcomes of the summit here on Thursday, High Level Economic Panel chairperson, Johannes !Gawaxab, said the investment announcement exceeded the panel's target of US.dollars 1 billion - N.dollars 14.21 billion - and signified the beginning of a new narrative towards the revival of the local economy, creating employment and partnership within the public and private sector.

He reported that investors who have committed and been validated were the Development Bank of Namibia, Development Bank of South Africa, Government Institutions Pensions Fund, Ongus Housing Development, Ohlthaver and List, a private Dubai-based Namibian-farm owner investor and Gondwana.

!Gawaxab added that an additional N.dollars 30 billion that was committed during the conference is in the process of being assessed and authenticated by an investment committee instituted under the high level economic panel.

The investment committee received many proposals and submissions about projects, investments and commitments. They have assessed, verified and validated [the commitments] and we've even received letters to that effect from some investors, he said.

Speaking further about the investors falling under N.dollars 30 billion category, !Gawaxab said they comprise of reputable institutions such as the Africa Import Export Bank, the Old Mutual Investment Group and Comsar Energy Group.

The 2019 Namibia Economic Growth Summit attracted over 800 Namibian and international participants comprising of businesspeople, associations, trade unions and federations.

Source: Namibia Press Agency