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Sunday, 8 February 2015

Namibia eyes N$223 billion development plan

Namibia will start tapping markets and investors to finance a fiveyear, N$223 billion($19 billion) development plan as early as next year as the country seeks to become a regional transport hub.

The southwest African nation's government has said it will finance N$73 billion of the budget and use a variety of methods to raise the rest of the money for ports, railways, roads and airport upgrades.

"The best way to address these funding needs is to pursue various alternatives including public-private partnerships and listed infrastructure funds, among others," Emma Haiyambo, a spokeswoman for the Bank of Namibia in Windhoek said.

The government will come up with a way to "encourage the participation of private financiers and investors, both locally and internationally," to participate in the development fund raising, Haiyambo said.

Namibia's economy will grow by 5.6 percent in 2015, up from 5.3 percent this year, buoyed by construction, retail trade, diamond mining and manufacturing, the central bank said on Dec. 12.

Namibia has started a 45 billion Namibian dollar mass housing program to provide homes to lowincome earners and increase energy generation. Work on some of the transportation projects is expected to start next year, the central bank's Haiyambo said.-Bloomberg

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