21 May 2015 17:00pm
WINDHOEK, 21 MAY (NAMPA) The Namibia Industrial Development Agency (NIDA) is set to be established by the Ministry of Industrialisation, Trade and Small and Medium Enterprise Development.
The agency will incorporate the Namibia Development Corporation (NDC) and Offshore Development Company (ODC).
In its third decision-making meeting on Tuesday, Cabinet approved the establishment of NIDA and authorised the ministry to acquire the last private sector shareholding of 1,1525 per cent in ODC for a nominal amount of N.dollars 500 000 to facilitate the incorporation of ODC into NIDA.
Minister of Information and Communication Technology Tjekero Tweya said during a media briefing in Windhoek on Thursday that Cabinet also approved, in principle, the Bill for the establishment of NIDA and referred it to the Cabinet Committee on Legislation for further scrutiny before its tabling in the National Assembly.
Cabinet also directed the ministry to consult the Ministry of Public Enterprises and the Attorney-General before commencing with the transitional and interim arrangements towards the full operationalisation of NIDA.
Cabinet took note that the initial capitalisation of NIDA amounting to N.dollars 50 million is included in the 2015/2016 budget of the Ministry of Industrialisation, Trade and Small and Medium Enterprise Development.
The ODC was established in terms of Article 26 of the Export Processing Zone (EPZ) Act (Act no. 9 of 1995 as amended).
Its mandate is to promote and market investment opportunities under Namibias EPZ, monitor and coordinate all EPZ related activities and provide an umbrella facilitative service to approved investors in the country.
The company also develops and leases serviced industrial and business sites and factory shells to entrepreneurs.
The NDC was established under the Namibia Development Corporation Act, Act 18 of 1993. The Government of the Republic of Namibia has 100 per cent shareholding in the NDC, but the corporation is controlled by an autonomous Board of Directors.