The National Petroleum Corporation of Namibia (Namcor) has paid N$550 million of its N$1.1 billion debt to Gunvor Group.
Namcor owes N$1.1 billion to Gunvor Group, an international company that sells oil and other commodities.
“A down payment of N$550 million was made to Gunvor, restoring Namcor’s financial credibility and strengthening relationships with trading partners,” said Namcor spokesperson Paulo Coelho on Tuesday.
The payment was made after a N$1.2 billion sovereign guarantee in April.
A sovereign guarantee means that if Namcor defaults on their debt, the government will step in and cover the cost.
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