Namibia bags US$226.5 million loan from African Development Bank

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AfDB
AfDB

Namibia’s Economic Governance and Competitiveness Support Program (EGCSP) will get a financial boost of 226.5 million U.S. dollars from the African Development Bank (AfDB), following the approval by the Board of Directors of Bank.

In an announcement on Wednesday, AfDB said the operation is the Bank’s maiden policy based operation in Namibia and the first of two programmatic series for the 2017/18 and 2018/19 fiscal years.

According to the AfDB website, the EGCSP was well received by the Board who commended the quality of the operation and was satisfied with the Namibian government’s strong commitment to the implementation of reforms.

“The EGCSP is designed to address emerging vulnerabilities undermining macroeconomic stability and support the Government’s ongoing bold structural reforms aimed at driving long-term job creating growth and reducing income equality,” said Senior Vice-President Charles Boamah, who presided over the AfDB Board meeting.

Meanwhile, the program is set to support the strengthening of public financial management and improve the quality and efficiency of public sector spending, while laying a solid foundation for industrialization through support to critical business environment reforms. Enditem

Source: Xinhua/NewsGhana.com.gh

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