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African Development Bank visits Walvis Bay to inspect port upgrade project

African Development Bank visits Walvis Bay to inspect port upgrade project

A delegation of the African Development Bank is expected in Namibia on Monday 03 April for an assessment of the progress on the Walvis Bay Port expansion project, as reported by the trade publication, Freight and Trading Weekly.

Executive directors at the bank’s Group level will arrive on Monday for a 5-day visit to assess the impact of African Development Bank projects in the country.

According to a spokesperson for the directorss, Dr Zaghloul, the bank has seen tremendous growth in its partnership with Namibia, with the size of the bank’s portfolio more than doubling since 2009.

The on-going portfolio supports the country’s strategic vision to be a regional transport logistics hub and the strengthening of financial intermediation to support private sector development. Since commencing operations in Namibia in 1991, the African Development Bank Group has committed about USD705.42 million in 25 operations in the country.

Just over half of this funding, 54%, went to the financial sector and 41% supported the transport sector. The rest of the commitment is split among agriculture, power, social, water and multi-sector. “Namibia is increasingly becoming an active beneficiary of the bank’s projects with an ambitious portfolio to strengthen the country’s aspiration to be a top emerging economy in the southern region” according to Freight and Trading.

The country envisages becoming a regional transport logistics hub given its growing potential in the transport sector,” said Zaghloul.

Regarding the work at the Port of Walvis Bay, the bank said “The reclamation work is 100% completed as well as most of the dredging work. The construction of the passenger liner jetty is also on schedule,” quoting Namport’s acting manager of business development, Philemon Mupupa, when he provided a progress report at the 7th Logistics Hub Forum in Walvis Bay last year.

About The Author

Freeman Ngulu

Freeman Ngulu is an Entrepreneur, into data journalism and is an aspiring content marketer. He tweets @hobameteorite.

Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.