NAMIBIA TO STUDY SOURCING FUNDS FROM BRICS BANK FOR LARGE INFRASTRUTURE PROJECTS

WINDHOEK-- Namibia will explore the possibility of sourcing funds from the New Development Bank (NDB), formerly known as the BRICS Development Bank, to finance the establishment of large intra-regional (provincial) infrastructure projects, says Minister of Information and Communication Technology Stanley Simataa.

He disclosed this to the media Monday when briefing journalists on decisions approved during the 13th Cabinet session last week. Without mentioning the amount to be sourced, Simataa said the projects are the Grootfontein-Rundu-Katima Mulilo Railway; the Baynes Hydropower facility; Trans-Kalahari Railway Line Development Plan and Trans-Orange River Highway and Railway.

These projects are being promoted through the New Partnership for Africa's Development (NEPAD), an economic development program of the African Union (AU) established in 2001.

Simataa emphasized that Namibia is operating in a competitive space with other Southern African Development Community (SADC) member countries in terms of establishing a logistics hub, and therefore there is a need to fast-track the realization of the projects.

"Namibia should shorten the development periods in terms of planning and implementing and accelerate because time is limited and we might run the risk of losing to be the first logistics destination," he said.

Simataa noted that so far, Namibia had done well in expanding the Walvis Bay port, stating that the country will not be built on good intentions on paper only, and projects should become tangible.

The projects are to foresee transport corridors across the 145-nation SADC sub-region to support the establishment of a Customs union in southern Africa.

The New Development Bank is a multilateral development bank established by the BRICS bloc of Brazil, Russia, India, China and South Africa with its headquarters in Shanghai, China, amd a regional office in Johannesburg.

Source: NAM NEWS NETWORK