Central Bank advises on the economic development enhancements in Kavango West, East Regions
The Bank of Namibia has identified sustainable funding and management of the Green Schemes, timber manufacturing, cattle marketing, horticultural production, and investment in renewable energy as key areas of economic development and employment creation in the Kavango West and East regions.
The Bank’s view of the two regions and the recommendations made follows a comprehensive assessment undertaken by the Central Bank in conjunction with the offices of the two Regional Governors, the National Planning Commission and the Ministry of Trade and Industrialization.
A statement issued by the Deputy Director of Strategic Communications at the Bank, Kazembire Zemburuka, stated that the Bank is fully convinced that targeted interventions in the five identified
focus areas, both in terms of investments and reforms, can significantly unlock the economic potential in the two regions.
The primary objective of this important undertaking was to assess the economic viability of existing projects as identified by the two regions in order to accelerate their implementation in conjunction with government and the private sector.
Further, the assessment identified new potential projects and areas of investment that, once explored and fully executed, can improve the economic situation in the two regions. As part of the targeted assessment, suitable funding models for identified projects were also explored with relevant stakeholders in order to actualize the developmental aspirations of both regions.
“The long-term economic gains to be realised through these targeted interventions would include employment creation and upliftment of the living standard of the inhabitants of the two regions while contributing to the country’s economic growth and advancement,” Zemburuka said.
Zemburuka further said this intervention recognizes and therefore compliments efforts already made both at the central and local government levels in the furtherance of the socioeconomic development in the two regions.
“However, unlike previous interventions, the initiative is seen to provide the necessary momentum to unlock these set of proposals through a rigorous engagement with government, development partners, and the private sector by availing the necessary evidenced-based analysis to stakeholders,” he added.
In pursuit of its strategic objective of ensuring economic growth and development, the Bank has submitted to the Ministry of Agriculture, Water and Land Reform, and relevant stakeholders recommendations centred on five areas with the potential to contribute significantly to employment creation while ensuring food security for the country.