The CEO of the Luederitz Waterfront Development Company (LWDC), Fluksman Samuehl, says the company's board of directors has already approved plans for the N$400 million project.

The development, which includes shops, a luxury hotel, offices, housing and penthouses, is expected to be completed by December 2010.

The old power station building will also be upgraded at a cost of N$60 million to house indoors sport activities.

According to Samuehl, LWDC will travel to South Africa and abroad to solicit 25 per cent funding for the project.

"The aim of the road show is to promote the project, solicit funding and to increase participation of foreign investors," Samuehl says.

Government is expected to co-fund the project by means of small loans, according Samuehl.

The project aims to rejuvenate the town's declining economy and create jobs, he says.

According to him, the project will create more than 1 000 jobs for unskilled and skilled workers.

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