Funding for infrastructure development

OLD Mutual Life Assurance Namibia and the European Investment Bank (EIB) signed an agreement on a four-million-euro (N$32 million) financing facility for infrastructure development in Windhoek on Friday.

The loan facility will be provided alongside the Old Mutual Managing Infrastructure Development in Namibia (Midina) Fund. The money will be channelled to beneficiaries through Old Mutual, which will cover 50 per cent of eligible investments, while Midina would provide the balance of funding required.The size of individual projects to be funded would be in the range of N$1 million to N$30 million, and eligible investment projects would include transport infrastructure, telecommunications, power supply and distribution, water and sanitation, low-cost housing and other community-development projects.The funding will be provided over a five-year investment period and the loan will be repaid over 10 years.Old Mutual’s Brigitte Weichert said the Midina Fund has funded projects at a value of N$61,9 million, which included a hospital in Ongwediva, construction projects at Long Beach near Walvis Bay, and projects by Namibia Wildlife Resorts and the Roads Contractor Company.EIB’s Director General for lending operations outside the EU, Jean-Louis Biancarelli, said the bank had for the last 10 years provided about 176 million euros in funding to Namibia.Established in 1958, the EIB finances capital investment projects and also participates in the implementation of the European Union’s co-operation towards developing countries that it has agreements with.The money will be channelled to beneficiaries through Old Mutual, which will cover 50 per cent of eligible investments, while Midina would provide the balance of funding required.The size of individual projects to be funded would be in the range of N$1 million to N$30 million, and eligible investment projects would include transport infrastructure, telecommunications, power supply and distribution, water and sanitation, low-cost housing and other community-development projects.The funding will be provided over a five-year investment period and the loan will be repaid over 10 years.Old Mutual’s Brigitte Weichert said the Midina Fund has funded projects at a value of N$61,9 million, which included a hospital in Ongwediva, construction projects at Long Beach near Walvis Bay, and projects by Namibia Wildlife Resorts and the Roads Contractor Company.EIB’s Director General for lending operations outside the EU, Jean-Louis Biancarelli, said the bank had for the last 10 years provided about 176 million euros in funding to Namibia.Established in 1958, the EIB finances capital investment projects and also participates in the implementation of the European Union’s co-operation towards developing countries that it has agreements with.