Video guest: Josephine Mwangi

November 2017
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EDITO
Sunday, 19 November 2017

Just a few months after being elected Conservative Party leader, David Cameron flew to Rwanda. It was a high-profile trip so he could see first-hand the development of one of Africa’s fastest-growing economies and launch his party’s review on globalisation and global poverty. On his first day, he visited a textile factory in Kigali, the country’s capital. Above the hum of the silk reels, he chatted to some of the workers and admired the quality of the patterned fabrics. Before he left, the factory owner, Raj Rejendran, asked for a word.

In the coming months, the 79-member group of African, Caribbean and Pacific states (the ACP) will decide how they prepare for the potentially damaging effect that Brexit may have on their exports to Britain, and the development assistance they presently receive. At issue will be how to re- tain the valuable relationship that countries from Ghana to Jamaica have with the UK within the European Union (EU) if, as seems increasingly likely, the UK government chooses a hard Brexit and a new trade and development relationship has to be negotiated either with ACP as a group, by region, or in some other configuration. 

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.

The European Investment Bank (EIB), the bank of the European Union, has signed a EUR 7,5 million (N$113,5 million) credit facility with Trustco Group Holdings Limited to finance small businesses and entrepreneurs in Namibia. At a ceremony held yesterday at Trustco's headquarters, the EIB, Europe's long-term lending institution, signed the agreement with Trustco Group Holdings Limited. “The European Investment Bank has a strong track record in supporting crucial investment programmes across Africa and around the world,” said Pim van Ballekom, European Investment Bank vice president.

The EU, the world’s biggest aid donor, has a special responsibility in improving development effectiveness and accountability across the world, MEPs said in a non-binding resolution adopted Tuesday. Enhanced transparency, good governance and the rule of law in developing countries are also essential to make progress, they added. “Our report calls on all actors to make their development cooperation as effective as possible to achieve the ambitious goals of the 2030 Agenda with the available public and private resources,” said rapporteur Cristian Preda (EPP, RO) before the vote.