Climate-related infrastructure development gets N$240 million boost
The Development Bank of Namibian (DBN) and KfW Development Bank signed under the German Development Cooperation an agreement for a concessional loan of N$240 million to be used for development of climate-related infrastructure, such as renewable energy, water and low-carbon transport projects.
The new credit-line will provide long-term finance to enable DBN to provide private and public investors incentivized conditions for climate-related infrastructure projects. Additionally a grant of over N$8 039 895.57 will support technical capacity building for DBN. The agreement will be backed by a sovereign guarantee.
“The DBN with its main objective to contribute to economic growth and social development can now attract and inspire sustainable investments to realize these goals,” KfW Principal Project Manager Baronesse Claudia von Fersen said.
According to DBN CEO, Martin Inkumbi, the Bank has a track record of providing finance for enterprises and projects that stretches back to the Bank’s inception in 2004. He added that the Bank is not just aware of the need for infrastructure that reduces emissions, but also for climate adaptation in light of the threats of heat and drought to Namibia.
Caption: Left to right: Nicky Mutenda (DBN), Hanri Jacobs (DBN CFO), Martin Inkumbi (DBN CEO), Baronesse Claudia von Fehrsen (KfW Germany) and Dr. Uwe Stoll (Director KfW Office Namibia).