STATE-owned enterprises (SOEs) owe N$9.3 billion in external debt.
According to the Bank of Namibia (BoN) 2025 annual report, about N$905 million of that loan is considered short-term (due within one year).
The rest is spread out, with a significant amount of N$3 billion due between 2027 and 2032. The rest of the debt is set to mature after 2032.
Meanwhile, the country’s total external debt was N$172 billion.
“A substantial portion of these obligations comprised intercompany lending in the mining and quarrying sector, particularly those due in 2029,” says BoN.
Most of this debt is guaranteed by the Namibian government. This means if the SOE cannot pay, the national treasury has to step in.
A large portion of SOE debt is owed to regional and global development banks, like the African Development Bank, the World Bank and KfW Development Bank.
In the 2026 budget, the government mentioned a “benchmark” where they aim to keep these guarantees under 10% of the gross domestic product to prevent SOE debt from overwhelming the country’s finances.
