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Tuesday, 08 November 2016

EIB interested in Namibia's renewable energy

The European Investment Bank or EIB has listed renewable energy, water and livestock projects as some of the sectors of the Namibian economy that it is interested in funding. Vice president Pim van Ballekom told The Namibian that his visit to Namibia this week was to explore more investment opportunities. Van Ballekom held meetings with President Hage Geingob, finance minister Calle Schlettwein and officials of NamPower and Namibia Breweries. He said the bank's lending rates are favourable since the bank is not expected to pay dividends to the 28 members of the European Union, who are its shareholders. Furthermore, the agreement signed with Trustco this week, which will see the bank lend N$113 million to Trustco for SME development, will help Namibia deal with the problems of poverty and unemployment. Van Ballekom said the agreement with Trustco was 'modest' because the company was a new client, implying that in future, Trustco could borrow more money. Trustco will pay the money back over a six-year period in euros, rands and US dollars, he noted. The bank will also provide technical assistance to both Trustco and the beneficiaries of the loan on how to disburse the money, and its utilisation.

Source: namibian.com.na