World Bank Group strengthens ties with Namibia
• By Martha Nangombe
In a recent visit, a delegation of the World Bank Group’s (WBG) Board of Executive Directors (EDs) reaffirmed their commitment to supporting Namibia and South Africa.
The delegation, hosted by the World Bank and International Finance Corporation (IFC) country offices, acknowledged the strides South Africa and Namibia have made in their development goals.
The visit was aimed at providing an opportunity for the EDs to evaluate the on-the-ground progress of various projects and to engage in meaningful discussions about the evolution of the WBG’s relationship with South Africa and Namibia. This relationship has grown from predominantly knowledge-focused to encompassing a broader spectrum with substantial financial support.
The EDs met with government and business leaders, local stakeholders, and project beneficiaries during their visit. They witnessed first-hand how Namibia manages its development priorities and tackles common challenges such as poverty, unemployment, and inequality.
The discussions also centred around ongoing and future support from the World Bank Group to foster inclusive economic growth and job creation.
The WBG is working on a new Country Partnership Framework (CPF) with the government to strategically guide its support as the engagement continues to grow. The World Bank recently approved a $138.5 million renewable energy and transmission loan to NamPower, marking a return to IBRD borrowing after a 15-year hiatus.
The delegation met with the Minister of Finance and Public Enterprises, Ipumbu Shiimi, and key stakeholders, including development partners and the private sector. The delegation’s visit to informal settlements near Windhoek provided valuable insights into housing issues, a sector where IFC invests, and the government has identified as a priority for the World Bank Group engagement.
The World Bank’s Executive Director, Matteo Bugamelli, reiterated the WBG’s dedication to assisting South Africa and Namibia to address unemployment and inequality. He particularly welcomed the increased financing to support the implementation of much-needed reforms.
The Board of Executive Directors, composed of 25 members representing the 189 member countries, is responsible for overseeing the general operations of the Bank. Their duties include making decisions on loans, credits, grants, policies, and financial matters guiding the institution’s development activities.
This visit underscores the World Bank Group’s unwavering support and commitment to aiding South Africa and Namibia in their pursuit of sustainable development and economic growth.