Environment Investment Fund now a reality

CABINET approved the appointment of Benedict Libanda as chief executive officer of the Environment Investment Fund of Namibia (EIF) in May.

Libanda, who served as the national coordinator of the Country Pilot Partnership for Integrated Land Management in the Ministry of Environment and Tourism, has been appointment as CEO for a period of three years, a Cabinet media statement said. The statement noted that the delay to establish the EIF was ‘principally due to a lack of funds either by Government or other sources’.According to the statement, N$15 million has been made available for this budgetary year plus a further N$5 million for the 2011/2012 budget. The EIF aims to promote the sustainable economic development of Namibia through investment in and promotion of activities and projects that protect and maintain the natural and environmental resources of the country.It would procure funds from international donors for the maintenance of an endowment fund that will generate a permanent stream of income.It would also procure funds locally on an annual basis from conservation fees and levies. These funds will be used for making investments in the protection and wise management of the environment, promoting sustainable use of natural resources for economic development, and conserving biological diversity and ecological life-support functions.The EIF is not ‘just a fund’ for financing conservation activities, it will pursue a broader investment portfolio by providing economic opportunities and take in the use of natural resources to the poorest sectors of society.The ultimate goal is to improve the quality of life and the economic wellbeing of this sector, thereby reducing the possibilities of them pursuing activities that degrade Namibia’s fragile environment and waste its natural resources. – Nampa

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