NAMIBIA:AfDB to loan Namibia for education and agriculture

The African Development Bank has approved a  loan of total $148m  for  supporting Namibia’s education and agriculture sectors.

These  funds are geared  to reduce youth employment by boosting technical and vocational training, as well as reducing food imports.

 

The development bank would finance 70.5% of an agriculture project while the government and other beneficiaries would contribute the remaining 25.5% and 4.0%, respectively.

 This loan is expected to be implemented by the country’s Ministry of Agriculture, Water and Forestry over a period of 5 years.

 

The education project would reduce youth unemployment which is currently estimated at 34%, the bank said.